Korea’s real gross domestic product (GDP) rose 0.3 percent quarter-on-quarter and rose 4.0 percent year-on-year, remaining unchanged from the advance estimate, according to the Bank of Korea’s preliminary estimate released on December 2.
On the production side, agriculture, forestry & fisheries grew 8.9 percent from the previous quarter. Manufacturing stayed flat as machinery & equipment went up while transportation equipment went down. Construction fell 2.4 percent due to weak civil engineering works. Services rose 0.5 percent backed by financial & insurance services and healthcare & welfare services.
On the expenditure side, private consumption went down 0.2 percent and government spending went up 1.3 percent. Construction investment fell 3.5 percent due to weak civil engineering works. Facility investment dropped 2.4 percent led by weak transportation equipment. Exports climbed 1.8 percent backed by coal & petroleum products and machinery & equipment, and imports fell 0.7 percent as transportation equipment went down.