South Korea GDP Rises 0.9% In Q3
South Korea's gross domestic product expanded 0.9 percent on quarter in the third quarter of 2014, the Bank of Korea said in Friday's advance estimate. That follows the 0.5 percent increase in the second quarter and the 0.9 percent gain in Q1. On the expenditure side, private consumption expanded 1.1 percent as expenditures on both semi-durable goods and services increased. Construction investment gained 2.9 percent, with increases in both building construction and civil engineering. Facilities investment fell by 0.8 percent, due to a decrease in transport equipment investment. Intellectual property products investment added 0.6 percent, centering on software investment. Exports contracted 2.6 percent, with decreases in exports of LCDs and chemical products. Imports also eased 0.7 percent, owing to declines in imports of machinery, natural gas and transport services. On the production side, manufacturing shrank 0.9 percent, mainly due to a decrease in electrical and electronic devices such as LCDs and smartphones. Electricity, gas and water supply climbed 4.7 percent, as the proportion of electricity generated by nuclear power with its low unit-generation costs increased. Construction advanced 1.8 percent, led by its expansion of civil engineering. Services gained 1.4 percent, as wholesale and retail trade, restaurants and hotels, transportation and storage, finance and insurance, and health and social work all increased. On a yearly basis, GDP jumped 3.2 percent, slowing from 3.5 percent in Q2 and 3.9 percent in the first quarter. Real gross domestic income added 0.3 percent on quarter and 2.9 percent on year. Agriculture, forestry and fishing added 0.6 percent on year, while manufacturing gained 3.1 percent, utilities spiked 5.5 percent, construction collected 0.9 percent and services advanced 3.4 percent.
News are provided by InstaForex.
