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S.Korea's revised GDP grows 0.4 pct on-quarter in Q3

SEOUL
2019-12-03 14:33

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SEOUL, Dec. 3 (Xinhua) -- South Korea's revised gross domestic product (GDP) for the third quarter grew 0.4 percent on a quarterly basis, central bank data showed Tuesday.

Real GDP, adjusted for inflation, rose 0.4 percent in the July-September quarter from three months earlier, unchanged from the preliminary figure, according to the Bank of Korea (BOK). From a year ago, the real GDP gained 2.0 percent.

During the second quarter, the real GDP increased 1.0 percent. The BOK lowered this year's growth outlook for the economy from 2.2 percent to 2.0 percent last week.

Private consumption added 0.2 percent in the third quarter from the previous quarter, with facility investment rising 0.6 percent.

Export, which takes up about half of the export-driven economy, increased 4.6 percent on a quarterly basis, but the construction investment declined 6.0 percent amid the government's measures to control speculative investment in the real estate market.

GDP deflator, or the ratio of nominal GDP to real GDP, retreated 1.6 percent in the third quarter from a year earlier, marking the fastest decline in about 20 years since the second quarter of 1999.
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