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
UAE, Spain discuss cooperation in infrastructure development
2
UAE discusses deeper cooperation, connectivity at AIIB meeting
3
S. Korea asks Japan to lift export curbs
4
Twenty Houthi rebels killed in Sirwah front
5
Moon apologizes for failure to keep campaign pledge on minimum wage
6
Fiji Embassy hosts gala event introducing tourism,biz opportunities in the heart of the South Pacific
7
National poll reveals high levels of trust for UAE Peaceful Nuclear Energy Programme
8
Mohamed bin Zayed receives President of Gambia
9
Over 820 million people suffering from hunger; new UN report reveals stubborn realities of ‘immense’ global challenge
10
Emirates to launch services to Mexico City via Barcelona
Photo News Green Biz
ADNOC ranked amongst five lowest GHG emitters in oil and gas industry
ADNOC ranked amongst five lowest G...
min
World Green Economy Summit 2018 concludes
World Green Economy Summit 2018 co...
min
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
Photo News Sports
Mohammed bin Rashid attends Super Saturday races at Meydan
Mohammed bin Rashid attends Super ...
min
Sharjah welcomes delegates of 24 countries participating in Special Olympics Abu Dhabi
Sharjah welcomes delegates of 24 c...
min
Mohammed bin Rashid attends 'UAE Tour'
Mohammed bin Rashid attends 'UAE T...
min
Koreas to field joint teams in 4 sports at 2020 Tokyo Olympics
Koreas to field joint teams in 4 s...
min
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
Photo News World
Mohammed bin Rashid attends Super Saturday races at Meydan
Mohammed bin Rashid attends Super ...
min
Sharjah welcomes delegates of 24 countries participating in Special Olympics Abu Dhabi
Sharjah welcomes delegates of 24 c...
min
Mohammed bin Rashid attends 'UAE Tour'
Mohammed bin Rashid attends 'UAE T...
min
Koreas to field joint teams in 4 sports at 2020 Tokyo Olympics
Koreas to field joint teams in 4 s...
min
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
Photo News Opinion
Gov't admits security failure over N.K. boat's undetected arrival, denies cover-up
Gov't admits security failure over...
min
Moon replaces top presidential secretaries for policy, economic affairs
Moon replaces top presidential sec...
min
Fitch cuts growth outlook for S. Korea to 2 percent
Fitch cuts growth outlook for S. K...
min
Reform-minded investigator named prosecutor-general nominee
Reform-minded investigator named p...
min
2 more S. Korean victims found, death toll 18 in Hungary boat sinking
2 more S. Korean victims found, de...
min
FM stresses 'thorough' efforts to identify those responsible for Hungary boat sinking
FM stresses 'thorough' efforts to ...
min
Unionized workers kick off nationwide strike on top of tower cranes
Unionized workers kick off nationw...
min
S. Korean, Hungarian teams conduct joint operations to search for missing victims of boat sinking
S. Korean, Hungarian teams conduct...
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