Tue, 17 May 2022

S.Korea's revised GDP grows 0.3 pct in Q3

Xinhua
02 Dec 2021, 13:49 GMT+10

SEOUL, Dec. 2 (Xinhua) -- South Korea's revised figure for real gross domestic product (GDP), adjusted for inflation, grew 0.3 percent in the third quarter from the previous quarter, central bank data showed Thursday.

It was unchanged from the preliminary reading unveiled in late October, according to the Bank of Korea (BOK).

The real GDP contracted 1.3 percent in the first quarter and 3.2 percent in the second quarter each in 2020 due to the COVID-19 pandemic, before rebounding 2.2 percent in the third quarter and 1.1 percent in the fourth quarter.

The country's GDP growth slowed down this year, with the growth rate of 1.7 percent in the first quarter, 0.8 percent in the second quarter and 0.3 percent in the third quarter.

Private consumption shrank 0.2 percent in the third quarter from three months earlier as the continued pandemic roiled businesses in the eatery and lodging and the leisure and culture sectors.

Facility investment declined 2.4 percent in the cited quarter due to the global supply disruption, and investment in the construction industry diminished 3.5 percent.

The government spending gained 1.3 percent in the July-September quarter, but import slipped 0.7 percent.

Export, which takes up about half of the export-driven economy, increased 1.8 percent in the third quarter compared to the prior quarter owing to solid demand for locally-made machinery and equipment as well as oil products.

Real gross national income (GNI), which measures a total amount of income earned at home and abroad by people and businesses, reduced 0.7 percent in the third quarter.

GDP deflator, or the ratio of nominal GDP to real GDP to gauge the price change for all of the goods and services produced in the country, went up 2.3 percent in the quarter owing to higher price for raw materials.

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