ECONOMY | Staff Reporter, Korea

South Korea's GDP rose 3.1% in 2017

This was mainly due to an increase of 14.6% in facilities investment.

Bank of Korea (BoK) reported that South Korea's GDP increased from 2% in 2016 to 3.1% in 2017.

On the expenditure side, facilities investment grew from -2.3% in 2016 to 14.6% in 2017, whilst private consumption inched up from 2.5% to 2.6%. However, construction investment fell to 7.5% YoY, from 10.7% in 2016.

On the production side, services dropped from 2.3% in 2016 to 2.1% in 2017, whilst manufacturing grew to 4.2% YoY.

Further, imports fell by 4.1% QoQ in the last quarter because of a decline in machinery, whilst exports decreased by 5.4% QoQ because of lower automobile exports, BoK said.

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