South Korea GDP Growth Confirmed at 3.3% YoY in Q3

In the third quarter of 2013, South Korean economy advanced 3.3 percent year-on-year, matching the advanced estimate released earlier by the central bank. It is the fastest expansion in the last seven quarters.

On the production side, the manufacturing sector expanded by 3.9 percent year-on-year, owing to growth in sub-sectors such as electrical and electronic devices, petrochemical products and transport equipment. Construction expanded by 4.8 percent yoy, with increases in both building construction and civil engineering. Services grew by 2.7 percent.

On the expenditure side, private consumption rose by 2.1 percent year-on-year, centering around expenditures in non-durables and in service sectors such as health care and, restaurants and hotels.

Facilities investment rose by 1.5 percent year-on-year, as investment in industrial conveying machinery and automobiles, for example, increased. Construction investment expanded by 8.6 percent year-on-year, as both building construction and civil engineering sustained their uptrend.

Exports rose by 2.4 percent , centering around exports of semiconductors and mobile phones, while imports grew by 2.3 percent, owing to increases for example, in those of general machinery and of automobiles and automotive parts.

South Korea GDP Growth Confirmed at 3.3% YoY in Q3

The Bank of Korea | Joana Taborda |
12/4/2013 11:13:45 PM