South Korea's gross domestic product climbed 2.7 percent on year in the third quarter of 2016, the Bank of Korea said in Tuesday's preliminary reading.
That beat forecasts for an increase of 2.4 percent, although it slowed from 3.3 percent in the previous three months.
On a seasonally adjusted annualized basis, GDP gained 0.7 percent – also exceeding forecasts for 0.5 percent but down from 0.8 percent in the three months prior.
Real gross domestic income slipped 0.3 percent on quarter.
On the expenditure side, private consumption expanded 0.5 percent as expenditures on both non-durable goods and services increased. Government consumption climbed 1.4 percent, with an increase in health insurance benefits.
Construction investment was up 3.9 percent, as investment in both residential and non-residential building construction increased. Facilities investment eased 0.1 percent, mainly due to a decline of investment in transport equipment.
Exports climbed 0.8 percent, with increases in exports of semiconductors and chemical products. Imports also rose 2.4 percent, owing to expansions in imports of machinery and equipment and overseas consumption by residents.
On the production side, manufacturing fell 1.0 percent, mainly with respect to the production of transport equipment and electronic and electrical equipment.
Electricity, gas and water supply surged 6.9 percent, as the volume of electric power sold increased due to a heat wave. Construction jumped 4.4 percent, led by an expansion of building construction.
Services advanced 1.0 percent, as health and social work and real estate and leasing increased.
by RTT Staff Writer
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