South Korea's gross domestic product expanded a seasonally adjusted annualized 1.1 percent on quarter in the first quarter of 2017, the Bank of Korea said in Friday's revision.
That's up from the April preliminary reading of 0.9 percent, and also up from the 0.5 percent gain in the previous three months.
Real gross national income gained 2.7 percent compared to the previous quarter, and nominal gross national income climbed 2.7 percent.
On the production side, manufacturing rose by 2.1 percent, with increased production of semiconductors and machinery & equipment.
Construction grew by 5.3 percent, with increases in residential and non-residential building construction. Services expanded 0.2 percent, with growth in real estate & leasing while wholesale & retail trade and restaurants & hotels declined.
On the expenditure side, private consumption expanded by 0.4 percent, with expenditures on durable goods and overseas consumption by residents rising while expenditures on non-durable and semi-durable goods decreased. Construction investment grew by 6.8 percent, as investment in both building construction and civil engineering increased.
Facilities investment rose by 4.4 percent, led by the growth of investment in machinery such as semiconductor manufacturing equipment.
Exports grew by 2.1 percent, with increases in exports of semiconductors and machinery & equipment. Imports also rose by 4.8 percent, owing to expansions in imports of machinery & equipment and precision instruments.
On a yearly basis, GDP was bumped up to 2.9 percent from 2.7 percent in the preliminary reading. GDP expanded 2.4 percent on year in Q4.
On the production side, the manufacturing sector expanded by 4.5 percent, mainly due to expansions in the production of semiconductors, precision instruments, and machinery & equipment. Construction surged 12.2 percent, centering on residential building construction. Services grew by 1.7 percent.
On the expenditure side, private consumption rose by 2.0 percent, led by expenditures on durable goods and non-durable goods. Construction investment was up by 11.3 percent, led mainly by growth in residential building construction.
Facilities investment grew by 14.4 percent, with an increase in machinery. Exports gained 3.9 percent, led mainly by exports of semiconductors and precision instruments. Imports also jumped 9.9 percent, owing to enlarged imports of crude oil, chemical goods and overseas consumption by residents.
The GDP deflator rose by 2.0 percent on year in the first quarter of 2017.
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
