South Korea’s gross domestic product jumped a seasonally adjusted 1.1 percent on quarter in the first quarter of 2018, the Bank of Korea said in Thursday’s preliminary report.
That follows the 0.2 percent decline in the three months prior.
On the expenditure side, private consumption expanded 0.6 percent, with durable goods rising. Government consumption jumped 2.5 percent, due to the expansion of expenditure on health care benefits.
Construction investment was up 2.8 percent, as investment in building construction increased. Facilities investment rose 5.2 percent, led by the growth of investment in machinery and transportation equipment.
Exports expanded 4.4 percent, with increases in exports of chemical products and machinery and equipment. Imports also climbed 5.5 percent, owing to expansions in imports of natural gas and machinery and equipment.
On the production side, agriculture, forestry and fishing production spiked 6.5 percent, centering around livestock production and fishing.
Manufacturing climbed 1.9 percent, with increased production of machinery and equipment.
Electricity, gas and water supply contracted 5.5 percent, mainly due to a decline in electricity production.
Construction expanded 3.3 percent, with increases in residential and nonresidential building construction.
Services added 0.9 percent, led by growth in real estate and leasing and cultural and other services, offsetting declines in wholesale and retail trade and restaurants and hotels.
On a yearly basis, GDP was up 2.8 percent – steady from the previous three months.
Real gross domestic income was up 1.8 percent on quarter and 2.2 percent on year.
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