Korea’s real gross domestic product (GDP) expanded by 0.7 percent in the third quarter of 2011 compared to the previous quarter. It grew 3.4 percent from a year earlier.
On the production side, agriculture, forestry & fishing decreased by 6.1 percent due to decreased fish catches and sluggish cultivation affected by torrential rainfall. Meanwhile, the manufacturing sector expanded by 1.3 percent, led by metal products and transportation equipment. Service output grew by 0.3 percent as gains in financial consulting and information & communication offset a decline in real estate and renting.
On the expenditure side, private consumption grew by 0.6 percent due to increased expenditures on durable and non-durable goods. Facility investment decreased by 0.4 percent, as investment in semiconductor manufacturing equipment fell. Construction investment grew by 2.2 percent. Exports rose by 1.4 percent, driven by automobiles and metal products. Imports also expanded by 1.8 percent.
Real gross domestic income (GDI) rose by 0.8 percent.
* Source : 『Monthly Economic Bulletin』 Vol.33 No.11 (Ministry of Strategy and Finance and Korea Development Institute)
