Global| Nov 24 2003South Korea is the Fourth Pacific RIM Country to Report Increased Growth in the Third Quarter
Summary
South Korea is the fourth country in the Pacific Rim to report an increase in Gross Domestic Product in the third quarter. Earlier this month, Indonesia reported a 1.40% gain, Malaysia, a 2.15% gain and Singapore a 4.07% gain. [...]
South Korea is the fourth country in the Pacific Rim to report an increase in Gross Domestic Product in the third quarter. Earlier this month, Indonesia reported a 1.40% gain, Malaysia, a 2.15% gain and Singapore a 4.07% gain.
Although South Korea's gain was the smallest at 1.14%, it reversed the declining trend of the first two quarters of this year. The South Korean economy has been plagued by political uncertainty, bad weather and consumer credit problems, particularly among the lower income levels.
A substantial increase in exports accompanied by a lesser increase in imports and a modest increase in private consumption spending more than offset declines in gross capital formation and government consumption spending. The rise in private spending was particularly encouraging in view of the troubled credit situation.
| South Korea Gross Domestic Product |
Q3 2003 |
Q2 2003 |
Q1 2003 |
2002 % |
2001 % |
2000 % |
|---|---|---|---|---|---|---|
| Gross Domestic Product | 1.14 | -0.68 | -0.40 | 6.27 | 3.23 | 9.26 |
| Private Consumption | 1.23 | -1.30 | -2.24 | 6.78 | 4.74 | 7.85 |
| Government Consumption | -1.65 | -2.90 | 4.20 | 3.00 | 1.23 | 0.14 |
| Gross Capital Formation | -11.02 | -2.99 | 8.00 | 4.46 | -2.85 | 10.94 |
| Exports of Goods and Services | 10.82 | -1.02 | 0.22 | 14.78 | 0.63 | 20.56 |
| Imports of Goods and Services | 7.30 | -4.59 | 3.21 | 16.42 | -3.10 | 20.03 |
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