eseoulpost
DomesticEconomy
S. Korean economy grows 2.7 pct in 2018: BOK
min  |  min
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
승인 2019.01.22  
트위터 페이스북 미투데이 요즘 네이버 구글 msn
   
 

SEOUL, Jan. 22 (Yonhap) -- The South Korean economy grew at the slowest pace in six years in 2018 as shrinking corporate investment weighed heavily on Asia's fourth-largest economy, central bank data showed Tuesday.

 The nation's economy expanded 2.7 percent on-year in 2018, slowing down from 3.1 percent the previous year, according to the advance estimate by the Bank of Korea.

 It is the most sluggish on-year growth since 2012, when the country pulled off 2.3 percent.

 But it met the BOK's earlier growth forecast of 2.7 percent for 2018.

 For the final quarter of last year, the economy rose 1 percent from three months earlier, jumping from a 0.6 percent on-quarter gain in both the second and third quarters.

 The central bank said South Korea's real gross national income (GNI) likely surpassed US$31,000 per capita last year for the first time. In 2017, the country's per capita income reached $29,745.

Private consumption, government spending and exports led the growth, while construction and facility investment remained in the doldrums.

 Consumption rose to a seven-year high of 2.8 percent last year and fiscal spending jumped 5.6 percent on-year, the steepest on-year rise since 2007.

 Exports, one of the biggest supporters of the South Korean economy, grew 4 percent on-year.

 However, the upside mode was partly offset by sluggish corporate investment.

 Construction investment fell 4 percent last year, marking the sharpest fall since the 2008 Asian financial crisis. Facility investment contracted to a nine-year low of 1.7 percent.

 By industry, growth of the manufacturing sector slowed down to 3.6 percent from 2017's 4.4 percent, while the construction industry plunged to a seven-year low of 4.2 percent.

 But the service sector rose 2.8 percent.

 Gross domestic income climbed 1.1 percent last year, marking the lowest on-year growth since 2008 due to a rising trend of oil prices.

 For the fourth quarter alone, government spending lent the biggest support to the better-than-expected 1 percent growth.

 Fiscal spending rose 3.1 percent on-quarter in the October-December period, the largest gain since the first quarter of 2010.

 Private consumption rose 1 percent, while facility and construction investment advanced 3.8 percent and 1.2 percent, respectively.

 But exports dropped 2.9 percent in the three-month period.

 "The government led pump-priming efforts to cushion the negative growth of exports in the final quarter of last year," said Park Yang-su, director general of the economic statistics department at the BOK. "In addition, production in the agriculture and construction industries rebounded in October as the weather cooled."

< 저작권자 © eseoulpost 무단전재 및 재배포금지 >
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
트위터 페이스북 미투데이 요즘 네이버 구글 msn 뒤로가기 위로가기
이 기사에 대한 댓글 이야기 (0)
자동등록방지용 코드를 입력하세요!   
확인
- 200자까지 쓰실 수 있습니다. (현재 0 byte / 최대 400byte)
- 욕설등 인신공격성 글은 삭제 합니다. [운영원칙]
이 기사에 대한 댓글 이야기 (0)
Most Read
1
Local Press: UAE’s digital embrace key factor in success
2
UAE, Korea renew AED20 billion Bilateral Currency Swap Agreement
3
Nominations for Gulf Capital - Abu Dhabi Festival Visual Arts Award closes on April 17
4
UAE participates in 5th ARCP meeting
5
Saudi Arabia unveils pavilion design for Expo 2020 Dubai
6
Salama Al Tunaiji elected chairperson of 16th ‘Sharjah Children Shura’
7
UAE Press: An astonishing illustration of growth and ability
8
Yemeni Prime Minister lauds Saudi-led Arab Coalition support
9
Cleveland Clinic Abu Dhabi to build Oncology Centre in UAE capital
10
Emirates to deploy latest Boeing 777-300ER to Riyadh and Kuwait
Photo News Green Biz
Restoration of nature requires actions of many :Al Zeyoudi
Restoration of nature requires act...
min
Al Zeyoudi to head UAE delegation to upcoming Global Climate Action Summit in California
Al Zeyoudi to head UAE delegation ...
min
Plastic wastes from Korea legal: MisOr ecozone exec
Plastic wastes from Korea legal: M...
min
Spotlight on UAE's environmental efforts at Urban Sustainability Week
Spotlight on UAE's environmental e...
min
DEWA invites customers to take up Shams Dubai to generate onsite solar power
DEWA invites customers to take up ...
min
Photo News Sports
Over 500 Paralympic athletes to compete in IWAS World Games 2019 on Sunday in Sharjah
Over 500 Paralympic athletes to co...
min
New York City FC announces preseason in Abu Dhabi
New York City FC announces preseas...
min
AFC Asian Cup UAE 2019
AFC Asian Cup UAE 2019
min
VP crowns Abdullah Al Marri winner of Mohammed Bin Rashid Endurance Cup
VP crowns Abdullah Al Marri winner...
min
Welcome to the land of Zayed, land of tolerance, Nahyan bin Zayed tells 2019 AFC Asian Cup teams
Welcome to the land of Zayed, land...
min
World Taekwondo Grand-Prix Final launched in Fujairah
World Taekwondo Grand-Prix Final l...
min
Koreas agree to formally inform IOC of intent to co-host 2032 Olympics
Koreas agree to formally inform IO...
min
Etisalat sponsors UAE Paralympics at Asian Para Games
Etisalat sponsors UAE Paralympics ...
min
Photo News World
Over 500 Paralympic athletes to compete in IWAS World Games 2019 on Sunday in Sharjah
Over 500 Paralympic athletes to co...
min
New York City FC announces preseason in Abu Dhabi
New York City FC announces preseas...
min
AFC Asian Cup UAE 2019
AFC Asian Cup UAE 2019
min
VP crowns Abdullah Al Marri winner of Mohammed Bin Rashid Endurance Cup
VP crowns Abdullah Al Marri winner...
min
Welcome to the land of Zayed, land of tolerance, Nahyan bin Zayed tells 2019 AFC Asian Cup teams
Welcome to the land of Zayed, land...
min
World Taekwondo Grand-Prix Final launched in Fujairah
World Taekwondo Grand-Prix Final l...
min
Koreas agree to formally inform IOC of intent to co-host 2032 Olympics
Koreas agree to formally inform IO...
min
Etisalat sponsors UAE Paralympics at Asian Para Games
Etisalat sponsors UAE Paralympics ...
min
Photo News Opinion
Moon calls for bold shift to 'new Korean Peninsula regime'
Moon calls for bold shift to 'new ...
min
S. Korea will strengthen income-led growth policy after making changes: finance minister
S. Korea will strengthen income-le...
min
PyeongChang Olympic facilities to be turned into nat'l archives, training center
PyeongChang Olympic facilities to ...
min
Ex-Prime Minister Hwang elected new chief of main opposition party
Ex-Prime Minister Hwang elected ne...
min
Samsung chief's attendance at Samsung Elec board meeting drawing focus
Samsung chief's attendance at Sams...
min
President Moon appoints new head of Seoul National University
President Moon appoints new head o...
min
President reaffirms efforts to build 'inclusive' nation
President reaffirms efforts to bui...
min
Moon blasts opposition lawmakers for denying 1980 democracy movement
Moon blasts opposition lawmakers f...
min
Newspaper AboutNews ReportAdvertiseComplaintsPrivacy PolicyJuvenile protectionRejection of E-mail Collection
Gangnam-gu, Teheran 52 street in Tehran Bldg, 616(Yeoksam-dong)  |  Main Phone: 02) 563-0604  |  Fax: 02) 538-5665
Chairman : jeong-woo Lee  |  Advisor : byung-il Min  |  Publisher: jae-mo Kah  |  Editors: il-hong Kim
Registration Number 1928 Seoul ah  |  eseoulpost.com / eseoulpost.net / Global Korea.,Ltd
Copyright © 2011 eseoulpost. All rights reserved. mail to jaemokah@daum.com , kih10kr@empas.com/ www.globalkorea.info
arabafrica.net / UAE Interract / Emirtes News Agency(WAM)/ http://wam.org.ae / www.uaeinteract.com