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Economic Growth of South Korea Rose to 2.8%

March, 28 2017
watermark Economic news

As stated by the Central Bank of Korea on Tuesday, their economy gained 2.8 percent from a year earlier in 2016 due to improvement on private and government expenditures.

The revised growth is relatively higher compared with the 2.7 percent estimate made by the Bank of Korea (BOK) during the month of January. The Asia's fourth-largest growing economy boosted in 2015 acquiring 2.8 percent growth. The increase in spending on private and public sectors provided support for Korea.

Private sector and government consumptions surged to 2.5 and 4.3 percent last year, accordingly.

The BOK also mentioned the construction investment expanded by 10.7 percent mainly because the building construction for family dwelling increased as well. On one side, the investment for facilities was driven down by 2.3 percent due to investment in machinery and equipment.

The country’s gross national income (GNI) reached US$27,561 in 2016 which is greater by 1.4 percent in the previous year obtaining  $27,171.

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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.