Korea's Economy Grows Over 3% Last Year

  • Arirang News

    January 26, 2018 09:54

    Korea's economic growth surpassed the three percent mark last year for the first time in three years.

    According to the Bank of Korea on Thursday, real GDP grew 3.1 percent in 2017, up from 2.8 percent in 2016, on the back of strong exports, especially semiconductors and electronics, and the recovering global economy.

    Private consumption is also gradually recovering, with investment in construction and facilities continuing an upward trend.

    But the economy shrank 0.2 percent on-quarter in the final quarter of last year to the worst quarterly figure since 2008. The central bank blamed a leveling-off after 1.5 percent third-quarter growth, the fastest in seven years. On-year, fourth quarter growth still came to three percent.

    Exports shrank more than five percent on-quarter as a rise in semiconductor shipments was offset by a fall in car exports. Imports also fell 4.1 percent as inbound shipments of machinery shrank.

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