SEOUL, KOREA - Real gross domestic product (chained volume measure of GDP) grew by 0.4 percent in the fourth quarter of 2012 compared to the previous quarter.On the expenditure side, private consumption increased by 0.8 percent as expenditures on semi-durables such as clothing and footwear, and on telecommunications service increased.
Facilities investment decreased by 2.8 percent as investment in machinery including semiconductor manufacturing equipment declined.
Construction investment dropped by 1.3 percent as building construction and civil engineering were sluggish.
Exports fell by 1.2 percent led downward by those of general machinery and ships, and imports by 1.1 percent centering around crude oil, natural gas and metal products.
On the production side, agriculture, forestry & fishing rose by 5.7 percent on increased livestock output.
Manufacturing remained at the same level as that of the previous quarter as its gains such as in semiconductors and mobiles were offset by the decreases in general machinery and transport equipment.
Construction decreased by 0.7 percent as non-residential building construction was subdued.
Services grew by 0.5 percent despite the declines in education and health & social work, as wholesale & retail trade, transportation & storage, and real estate & renting increased.
Real gross domestic income (GDI) rose by 0.1 percent due to the deterioration in the terms of trade caused for instance by the run-up in international oil prices.
(Q4 2012, year-on-year)
Real GDP (chained volume measure of GDP) increased by 1.5 percent year-on-year in the fourth quarter of 2012.
(Annual 2012)
Real GDP rose by 2.0 percent in 2012. On the expenditure side, the growth rates of exports and private consumption declined compared to the year before while facilities investment
shifted to negative growth and construction investment continued its sluggishness.
On the production side, manufacturing growth slowed sharply on lower domestic demand and exports, but services maintained similar growth as last year’s.
Real GDI grew by 2.3 percent. Its growth rate exceeded that of the GDP as losses from trade in real terms decreased with the slight improvement in the terms of trade.
*Pls refer to the attached file for details.
*Source: The Bank of Korea
*Article provided by The Korea Economic Daily
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