South Korea raises 2013 GDP growth to 3pc

March 27, 2014 - 7:42:12 am

Seoul: South Korea’s economy expanded three percent last, the central bank said yesterday, better than a previous estimate as it was boosted by robust exports and growth in the manufacturing sector.

The revised figure for gross domestic product (GDP) — the broadest measure of economic performance — was higher than the 2.8 percent earlier stated and marked the fastest expansion since the 3.7 percent seen in 2011.

However, the Bank of Korea also revised down its fourth quarter growth to 3.7 percent year on year, from a earlier estimate of 3.9 percent.

“Investment on (corporate) infrastructure was sluggish but steady growth in consumer spending ... and exports helped prop up the growth,” the Bank of Korea said in a statement.

Exports — which account for a half of the entire economy — rose 4.3 percent last year, while manufacturing production expanded 3.3 percent. 

Asia’s fourth-largest economy suffered during the global slowdown, which cut demand for its key exports including cars, ships and electronics.