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Economic Buzz: South Korea GDP Climbs 1.2% On Quarter In Q4
22-Jan-20   09:09 Hrs IST

South Korea's gross domestic product climbed a seasonally adjusted 1.2 percent on quarter in the fourth quarter of 2019, the Bank of Korea said in Wednesday's preliminary reading, accelerating from the 0.4 percent gain in the three months prior. Real gross domestic income (GDI) increased by 0.5 percent compared to the previous quarter. On the expenditure side, private consumption was up by 0.7 percent, as expenditures on durable goods (e.g. motor vehicles) and services (e.g. food, recreation and culture) increased. Government consumption rose by 2.6 percent, with increased expenditures on goods and health care benefits. Construction investment expanded by 6.3 percent, as building construction and civil engineering increased.

Manufacturing rose by 1.6 percent, mainly due to an increase in machinery and equipment. Electricity, gas and water supply rose by 3.9 percent, due to an increase in electricity. Construction expanded by 4.9 percent, owing to increases in building construction and civil engineering. Services grew by 0.7 percent, led by wholesale & retail trade, accommodation and food services, and human health and social work. On a yearly basis, GDP advanced 2.2 percent in Q4, exceeding expectations for 2.0 percent - which would have been unchanged from the previous three months. For all of 2019, South Korea's GDP was up 2.0 percent on year.

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