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Real Gross Domestic Product: 4Q and Annual 2010 (advance estimate)
(4Q 2010, quarter-on-quarter)
Real gross domestic product (chained volume measure of GDP) increased by
0.5 percent in the fourth quarter of 2010 compared with the previous quarter, recording eight consecutive quarters of positive growth since the first quarter of 2009.
On the expenditure side, exports grew by 2.4 percent, led mainly by increased
exports of general machinery & equipment and wireless communication apparatuses.
Private consumption retained its upward trend (+0.3%) with increased expenditures on such items as cars and clothes offsetting a fall in spending for example on food.
Facilities investment decreased by 1.6 percent because of a decline in machinery investment which had grown rapidly since the second quarter of 2009.
Construction investment also decreased by 4.5 percent owing to the sluggishness of civil engineering.
Growth Rates by Expenditure Components (at chained 2005 year prices, S.A. series)
(percentage change from previous quarter)
2008 2009p 2010p
3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Gross Domestic Product -0.1 -4.5 0.2 2.4 3.2 0.2 2.1 1.4 0.7 0.5
Final consumption expenditure 0.3 -3.2 0.9 2.7 1.3 -0.2 1.8 0.7 0.8 0.1
(Private) 0.1 -4.5 0.3 3.3 1.7 0.4 0.7 0.8 1.3 0.3
(Government) 1.0 1.7 2.9 0.7 0.0 -2.4 5.8 0.1 -0.7 -0.7
Gross fixed capital formation 0.0 -6.7 0.4 3.9 2.5 1.6 1.5 0.9 3.1 -3.0 (Facilities investment) -1.0 -13.9 -10.5 9.0 10.8 5.3 2.4 9.1 5.5 -1.6 (Construction) 0.7 -3.3 5.9 1.8 -0.7 -0.1 1.3 -3.6 1.3 -4.5 Exports of goods & services -0.1 -8.9 -3.2 10.0 4.4 -1.0 2.9 7.2 1.7 2.4
(Goods) -0.5 -12.5 -1.7 13.5 5.1 -1.5 3.7 7.0 1.9 2.7
Imports of goods & services 0.3 -14.7 -6.4 8.8 6.5 0.1 4.4 7.4 2.0 0.1
(Goods) 0.4 -15.5 -5.8 8.7 8.0 -1.3 5.1 9.5 2.1 -1.4
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On the production side, the manufacturing sector decreased by 0.7 percent
mainly due to a decrease in electric machinery, which counteracted increases for example in metal products and textile, leather & fur products.
The construction sector showed negative growth of 5.3 percent led by downturns in both residential building construction and civil engineering.
Services rose by 1.3 percent, boosted by an increase in recreational, cultural &
sporting, financial intermediation and transport & storage services.
Real gross domestic income (GDI), which reflects changes in terms of trade, rose by 0.4 percent compared to the previous quarter.
Growth Rates by Kind of Economic Activity (at chained 2005 year prices, S.A. series)
(percentage change from previous quarter)
2008 2009p 2010p
3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Gross Domestic Product -0.1 -4.5 0.2 2.4 3.2 0.2 2.1 1.4 0.7 0.5
Agriculture,forestry&fishing -0.6 0.5 -0.1 -0.4 2.9 0.4 -4.9 0.1 -3.5 1.3
Manufacturing -0.6 -11.2 -2.5 8.0 9.4 -1.7 4.2 5.2 2.2 -0.7
Electricity, gas & water 1.7 2.1 2.4 -1.3 3.8 -2.6 4.8 0.7 0.5 0.8
Construction 1.5 -3.8 4.4 1.2 -1.0 -0.6 1.9 -0.9 0.6 -5.3
Services1) 0.3 -1.2 0.3 1.0 0.9 0.9 1.6 0.1 0.1 1.3
Gross Domestic Income -2.3 -2.7 0.1 4.7 1.4 2.8 1.1 0.5 0.4 0.4 Note : 1) Includes wholesale & retail trade, restaurants & hotels; transport & storage; financial intermediation;
real estate and renting; information & communication; business activities; public administration and defence; education; health and social work; recreational, cultural and sporting; and other service activities
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(4Q 2010, year-on-year)
Real GDP (chained volume measure of GDP) increased by 4.8 percent year-on-year in the fourth quarter of 2010.
On the expenditure side, exports of goods & services expanded.
On the production side, electricity, gas & water supply and services both increased while manufacturing sustained its high growth rate bolstered by the upswing in exports.
Growth Rates by Expenditure Components and Kind of Economic Activity (at chained 2005 year prices, original series)
(percentage change over previous year)
2009p 2010p
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Gross Domestic Product -4.3 -2.2 1.0 6.0 8.1 7.2 4.4 4.8
Final consumption expenditure -2.0 0.7 1.7 4.7 5.7 3.6 3.2 3.3
(Private) -4.4 -1.0 0.7 5.8 6.3 3.7 3.3 3.2
(Government) 7.2 6.7 5.3 1.1 3.8 3.2 2.8 3.9
Gross fixed capital formation -7.4 -2.3 0.4 7.1 11.4 6.4 6.6 2.1 (Facilities investment) -23.1 -17.3 -7.0 13.3 29.9 30.2 24.3 16.0
(Construction) 2.8 5.1 4.4 5.0 2.3 -2.9 -2.3 -4.7
Exports of goods & services -10.7 -3.4 1.0 9.8 16.6 14.1 11.1 14.9
(Goods) -13.5 -3.2 2.3 15.0 21.6 14.9 11.5 16.1
Imports of goods & services -18.8 -13.3 -7.7 8.7 21.0 19.3 14.7 14.6
(Goods) -18.5 -13.8 -6.7 8.9 21.8 22.1 16.1 15.8
Agriculture, forestry & fishing 1.5 -1.3 3.3 2.8 -1.9 -2.2 -7.5 -6.6
Manufacturing -13.6 -7.2 1.7 13.0 20.7 18.0 10.1 11.2
Electricity, gas & water supply 6.1 4.0 7.5 1.4 5.0 6.2 3.6 6.5
Construction 0.0 3.2 0.3 3.3 1.5 -0.5 1.0 -3.9
Services1) -0.4 0.3 0.9 3.0 4.4 3.6 2.7 3.2
Gross Domestic Income -5.2 -0.5 3.6 8.6 9.2 6.0 4.6 3.9
Note : 1) Includes wholesale & retail trade, restaurants & hotels; transport & storage; financial intermediation;
real estate and renting; information & communication; business activities; public administration and defence; education; health and social work; recreational, cultural and sporting; and other service activities
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(Annual 2010)
Real GDP increased by 6.1 percent in 2010 owing to the buoyancy of exports and the ensuing pick up in manufacturing and facilities investment; this was the highest rate of growth since the 7.2% in 2002.
Real GDI rose by 5.8 percent in 2010; although this was the fastest increase since the 7.2% in 2002, it fell slightly short of the GDP growth rate.
Growth Rates by Expenditure Components and Kind of Economic Activity (at chained 2005 year prices, original series)
(percentage change over previous year)
2005 2006 2007 2008 2009p 2010p
Gross Domestic Product 4.0 5.2 5.1 2.3 0.2 6.1
Final consumption expenditure : (private) 4.6 4.7 5.1 1.3 0.2 4.1
(government) 4.3 6.6 5.4 4.3 5.0 3.4
Investment : (facilities) 5.3 8.2 9.3 -1.0 -9.1 24.5 (construction) -0.4 0.5 1.4 -2.8 4.4 -2.3
Exports of goods & services 7.8 11.4 12.6 6.6 -0.8 14.1
Imports of goods & services 7.6 11.3 11.7 4.4 -8.2 17.2
Agriculture, forestry & fishing 1.3 1.5 4.0 5.6 1.6 -4.9
Manufacturing 6.2 8.1 7.2 2.9 -1.6 14.6
Electricity, gas & water supply 7.4 4.1 3.8 6.2 4.9 5.3
Construction -0.3 2.2 2.6 -2.5 1.9 -0.7
Services1) 3.5 4.4 5.1 2.8 1.0 3.5
Gross Domestic Income 2.4 3.7 4.8 -1.2 1.7 5.8
Note : 1) Includes wholesale & retail trade, restaurants & hotels; transport & storage; financial intermediation;
real estate and renting; information & communication; business activities; public administration and defence; education; health and social work; recreational, cultural and sporting; and other service activities
※ Further statistics may be found at the Bank of Korea’s Economic Statistics System website (http://ecos.bok.or.kr)
