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South Korea's third quarter GDP grows 0.6% on-quarter: BOK Updated: 2018-12-05 06:57:31 KST

South Korea's economy grew zero.six percent on-quarter during the July to September period on par with its second quarter growth rate.

"The third quarter growth figure is in line with our estimate in October. While facilities investment were revised up, construction investment and private consumption were revised down."

Although facilities investment was zero.three percentage points higher than the earlier estimate, it still tumbled four.four percent in the third quarter, led by reduced investment in machinery.
Construction investment fell nearly seven percent, with decreases in both building construction and civil engineering.
Private consumption increased by half a percentage point mainly on higher spending on non-durable goods.
Government spending expanded by 1.five percent on health care expenditures.

"Exports continued to drive economic growth. Facilities and construction investment are both falling sharply. But with semiconductor goods exports set to slow down, and domestic consumption expected to be sluggish, economic outlook is pretty gloomy."

On an on-year basis, South Korea's GDP expanded two percent in the third quarter, slower than the two.eight percent growth seen the second quarter.
It's also the lowest figure in nine years, which the Bank of Korea pointed to shorter working days as Chuseok holidays fell in September this year and a base effect as GDP grew near four percent in the third quarter of 2017.
Real gross national income expanded by zero.seven percent on-quarter.

The BOK says to reach its growth target of two.seven percent for 2018, the local economy has to expand by more than zero.84 percent in the last quarter.
Kim Hyesung, Arirang News."
KOGL : Korea Open Government License
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