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Investing.com -- The Bank of Korea reported today that the nation’s real gross domestic product (real GDP) saw a modest increase of 0.1% in the fourth quarter of 2024 compared to the previous quarter. This is in line with the advance estimate provided earlier.
The report also highlighted that the real gross national income (real GNI) rose by 1.3% in the fourth quarter of 2024 compared to the third quarter.
On the production side, the manufacturing sector rose by 0.2% due to increases in chemicals, chemical products, and computer, electronic & optical products. The construction sector, however, contracted by 4.1% due to decreases in building construction and civil engineering. The services sector expanded by 0.4%, led by finance & insurance and human health & social work, despite decreases in real estate, wholesale & retail trade, and accommodation & food services.
On the expenditure side, private consumption increased by 0.2%, as expenditures on services increased while expenditures on goods decreased. Government consumption grew by 0.7%, driven by increased expenditures on health care benefits. Construction investment fell by 4.5%, as building construction and civil engineering both decreased. Facilities investment rose by 1.2%, driven by increased investment in machinery despite decreased investment in transportation equipment. Exports expanded by 0.8%, mainly due to IT-items such as semiconductors. Imports increased by 0.1%, owing to increased imports of machinery & equipment.
For the whole year of 2024, real GDP increased by 2.0%. On the expenditure side, while the growth of private consumption slowed and construction investment turned negative, the growth of exports, government consumption, and facilities investment expanded.
On the production side, while construction turned negative, the growth of manufacturing expanded. Real GNI increased by 3.5%, owing to decreased real trading losses as the terms of trade improved, though real net factor income from the rest of the world decreased.
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