Econintersect: The Korea National Statistical Office has announced that South Korean GDP rose 2Q 2012 by a seasonally adjusted 0.4%, from 0.9% in the preceding quarter. This was slightly below analyst expectations of an increase of 0.5%. Year-over year the increase was 2.4%, down from 2.8% in the first quarter. The year-over year growth was the weakest since the third quarter of 2009 (1.0%) which included the second half of The Great Recession. Contraction is occurring in construction, as well as agriculture, forestry and fishing. Growth rates have collapsed to much lower levels than seen in the past few years for manufacturing, exports and imports.
The graph below from Trading Economics shows the quarterly GDP data for South Korea since 3Q 2009. The graph has not been updated to include the latest quarter. The graph also has not been updated for the revision downward to 0.3% growth for 4Q 2011.
The following is the introduction to the press release from the BOK (Bank of Korea):
The GDP growth for the last three quarters is less than the last three quarters of 2009, which included the end of The Great Recession, and is also less than any three quarter period since.
GDP data by quarter is summarized in the following table from the BOK press release:
The components table for GDP is also from the BOK press release:
- DATA SNAP: South Korea 2nd-Quarter GDP Up 0.4% on Quarter, Up 2.4% on Year (In-Soo Nam, Nasdaq.com, 25 July 2012)
- Press Releases (Bank of Korea)
- South Korea GDP growth (Trading Economics)
- South Korean GDP rises less than expected (Forexpros, 25 July 2012)