Friday, November 28, 2014
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S. Korea’s GDP grows 0.9 pct on-quarter in Q1
South Korea’s gross domestic product (GDP) grew 0.9 percent on-quarter in the first quarter (Q1) this year.
The GDP growth more than doubled from 0.3 percent of Q4 last year, and beat the estimate (0.8 percent) of Governor Kim Choong-soo of the Bank of Korea (BOK).
The nation’s real GDP expanded 0.9 percent on-quarter in Q1, said the central bank Thursday. The real GDP jumped 1.5 percent on a yearly basis.
The nation’s real gross domestic income (GDI) went up 1.0 percent, backed by improved terms of trade.
The GDP growth beat the expectation of the market, which had previously forecast GDP would grow at more meager rates of 0.4 percent to 0.5 percent in Q1.
The GDP grew at a higher pace than expected as both exports and investments in construction and facilities boomed despite sluggish private consumption.
Private consumption slid 0.3 percent on-quarter as consumption of durable goods and semi-durable goods declined.
But investment in construction rose 2.5 percent, especially in residential and civil engineering construction in Q1. The investment had fell 1.2 percent in the previous quarter.
Facility investment swung to a 3.0 percent expansion in Q1 from a 1.8 percent contraction in Q4 last year, bolstered by increased investments in machinery and transportation equipments.
Exports rose 3.2 percent as outbound shipments of petrochemical products increased. Exports had shrunk 1.1 percent in the prior quarter.
Imports also turned to a 2.5 percent growth from a 0.8 percent contraction as imports of electric machinery and petrochemical products went up.
[Written by Sun-ah Kim]
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