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.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- Turkey shattered as PP prices shoot up to surreal levels
- Polymer markets face one of most chaotic times
- Turnaround season set to get underway in Asia
- Crude oil heals COVID-inflicted wounds; now what lies ahead?
- Global shipping turmoil deepens, adding to the upheaval in plastic resins
- China’s post-holiday polymer outlook supported by supply limitations, crude oil
- US PE exports hit record high for 2020 despite production and logistics hurdles
- African PP, PE markets firmer on continued tightness in supplies
- Lack of sales pressure supports SEA PE markets
- Will soaring prices attract PP, PE imports to Europe?
