According to revised data released by the Bank of Korea (BOK), GDP expanded 4.7% in the fourth quarter over the same period of the previous year. The result was down a notch below the 4.8% advance estimate released on 25 January but was above the Q3 4.4% expansion. The downward revision was largely due to a base effect, as estimates for the fourth quarter of 2009 were adjusted to the upside. The revised Q4 2010 reading implied a more pronounced moderation in domestic demand, while the external sector provided a stronger contribution to overall growth. Private consumption increased 2.9% annually, which compared with a 3.2% expansion reported in the previous release. On the other hand, growth in gross fixed investment was revised upwards, from 2.1% to 3.4%, nonetheless marking a significant moderation compared to the 6.8% expansion recorded in the third quarter. Meanwhile, exports of goods and services rose 15.7% (previously reported: +14.9% yoy) while imports expanded 14.2% (previously reported: +14.6% yoy). As a result, the net contribution from the external sector to overall growth rose to 1.7 percentage points (previously reported: +1.2 percentage points). A quarter-on-quarter comparison corroborates the positive result suggested by the annual data, as the economy expanded 1.73% over the previous quarter in seasonally adjusted terms, up from the 1.13% increase observed in the third quarter. On a full-year basis, 2010 GDP growth was revised upwards to 6.2% (previously reported: 6.1%), which was above the 0.3% expansion recorded in 2009. The result represented the strongest annual expansion in eight years and was broadly in line with the Central Bank's expectations. The Central Bank expects GDP growth to moderate to 4.5% in 2011, before picking up again in 2012, when the economy is expected to grow at a 4.8% clip.
Q4 GDP revised down
March 30, 2011
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Korea Economic News
October 25, 2016
The Korean economy slowed down in the third quarter of this year, expanding at the weakest pace in over a year.
October 13, 2016
At its 13 October monetary policy meeting, the Bank of Korea (BoK) announced that it will hold the base rate constant at a record low of 1.25%, which was largely in line with market expectations.
October 5, 2016
In September, consumer prices rose 0.6% over the previous month, which contrasted the 0.1% decrease in August and overshot the 0.2% increase the markets had expected.
October 3, 2016
Korea’s Customs Services reported that exports totaled USD 40.9 billion in September, which represented a 5.9% contraction over the USD 43.4 billion recorded in the same month last year.
September 30, 2016
The forward-looking business confidence indicator (BSI) for the manufacturing sector produced by the Bank of Korea (BoK) rose from 74 points in September to 75 points in October.