South Korea’s GDP slows in Q3
by ChemOrbis Editorial Team - content@chemorbis.com
According to data released by South Korea’s central bank, the Bank of Korea (BOK), South Korea’s gross domestic product (GDP) grew 2.6% on a yearly basis in the third quarter, down from 3.3% in the previous quarter. The final figure was also slightly down from initial Q3 estimates at 2.7%.
Contributing to the growth, construction climbed 10.6% on an annual basis because of the increase in residential building construction. However, this still posted a decrease from 12.4% in Q2. Private consumption increased 2.7% on the year on the back of the growth in expenditures on non-durable goods and services, down from 3.3% in Q2. Construction investment was slightly up by 11.4% on the year when compared to the 10.8% in Q2.
Exports rose 2.7% on a yearly basis on the back of demand for semiconductors and chemical products from 1.9% in Q2. Imports also increased 4.9% on a yearly basis, from 3.3% in Q2. However, facility investment decreased 4.2%, from 2.7% in Q2.
Contributing to the growth, construction climbed 10.6% on an annual basis because of the increase in residential building construction. However, this still posted a decrease from 12.4% in Q2. Private consumption increased 2.7% on the year on the back of the growth in expenditures on non-durable goods and services, down from 3.3% in Q2. Construction investment was slightly up by 11.4% on the year when compared to the 10.8% in Q2.
Exports rose 2.7% on a yearly basis on the back of demand for semiconductors and chemical products from 1.9% in Q2. Imports also increased 4.9% on a yearly basis, from 3.3% in Q2. However, facility investment decreased 4.2%, from 2.7% in Q2.
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