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S. Korea's third quarter GDP up 0.4% q/q, 2.0% y/y: Bank of Korea Updated: 2019-12-03 16:38:38 KST

South Korea's economy grew point-four percent on-quarter in the July to September period
That's the same as the Bank of Korea's preliminary estimate announced in October and lower than the one percent growth tallied in the second quarter.
The central bank said construction investment was revised down, while consumption and exports were revised up.
Construction investment contracted six percent due to a slump in building construction.
Private consumption edged up point-two percent on higher spending on durable goods.
Government spending increased one.four percent on healthcare related expenditures.
Exports jumped over four percent on-quarter thanks to increases in semiconductor and auto shipments.
GDP deflator, which measures the change in price for all goods and services, dropped 1.six percent on-year, falling for the fourth consecutive quarters and marking its biggest fall in two decades.
The Bank of Korea attributed the sharp fall to lower consumer demand and export prices, which slumped nearly seven percent due to tumbling chip and petrochemical goods prices.

"We're seeing low inflation as the economy loses vitality and consumer demand remains sluggish. If GDP deflator is low, people's nominal income will drop. Nominal GDP grew just point-four percent on-year in the third quarter, meaning people's income will go down. Continuously low inflation could lead to a contracting economy."

Real gross national income rose point-six percent on-quarter.
The BOK says to reach its growth target of two percent for this year, the local economy has to expand by more than point-93 percent in the last quarter.
Kim Hyesung, Arirang News.
KOGL : Korea Open Government License
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