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Real Gross Domestic Product: 1
stQuarter of 2011 (Advance Estimate)
(Quarter-on-quarter)
Real gross domestic product (chained volume measure of GDP) increased by 1.4 percent in the first quarter of 2011 compared to the previous quarter.
On the expenditure side, exports grew by 3.3 percent, as exports of goods including semiconductors, electronic components and automobiles increased.
Private consumption increased by 0.5 percent with increased expenditures on durables such as cars and audio-visual equipment offsetting sluggish spending on food and other nondurable goods.
Facilities investment decreased by 0.8 percent led by reduced investment in semiconductor manufacturing equipment.
Construction investment also decreased by 6.7 percent with investment in both building construction and civil engineering showing negative growth.
Growth Rates by Component of Expenditure (at chained 2005 year prices, S.A. series)
(percent change from previous quarter)
2009 2010p 2011p
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Gross Domestic Product 0.1 2.5 3.4 0.2 2.1 1.4 0.6 0.5 1.4 Final consumption expenditure 0.4 3.0 1.1 0.4 1.2 0.6 1.0 0.1 0.8 (Private) -0.3 3.7 1.4 0.9 0.5 0.7 1.4 0.3 0.5 (Government) 2.6 0.8 0.1 -1.1 3.6 0.3 -0.1 -0.4 1.8 Gross fixed capital formation -0.7 3.8 1.6 2.8 2.1 0.2 1.9 -0.9 -4.3 (Construction) 3.9 2.4 -1.2 0.7 2.0 -4.2 -0.8 -1.0 -6.7 (Facilities) -10.2 6.7 9.1 7.8 2.8 7.9 5.6 -1.0 -0.8 Exports of goods & services -4.3 10.3 5.0 -1.1 2.2 7.8 2.3 2.6 3.3 (Goods) -2.1 13.3 5.4 -1.7 3.0 7.4 2.5 3.0 4.6 Imports of goods & services -6.9 8.9 6.4 0.8 4.2 5.7 3.2 0.5 1.2 (Goods) -6.1 8.1 7.8 -0.4 4.8 7.1 3.6 -0.7 2.7
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On the production side, the manufacturing sector grew by 3.2 percent led by an increase in electrical & electronic equipment, steel and automobile manufacturing.
Services rose by 1.3 percent as growths for example in wholesale & retail trade and financial intermediation sectors offset the decline in recreational, cultural &
sporting services which were driven by decreased participation in leisure activities due to the cold wave.
Agriculture, forestry & fishing, meanwhile, contracted by 5.1 percent, owing to the sluggishness in the livestock industry as a result of the outbreaks of
foot-and-mouth disease.
Real gross domestic income (GDI) fell by 0.6 percent as terms of trade deteriorated mainly with oil price rises.
Growth Rates by Kind of Economic Activity (at chained 2005 year prices, S.A. series)
(percent change from previous quarter)
2009 2010p 2011p
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Gross Domestic Product 0.1 2.5 3.4 0.2 2.1 1.4 0.6 0.5 1.4
Agriculture, forestry & fishing 1.1 0.0 3.7 0.0 -3.1 -2.5 -2.5 0.2 -5.1
Manufacturing -3.4 8.4 9.7 -1.1 4.2 4.0 2.3 0.1 3.2
Electricity, gas & water supply 1.9 -1.1 3.4 -2.8 5.0 0.3 0.4 0.0 2.3
Construction 3.5 1.3 -1.4 0.5 1.4 -0.1 -1.2 -3.2 -6.1
Services1) 0.4 1.0 1.1 0.9 1.5 0.2 0.3 1.1 1.3 Note: 1) Includes wholesale & retail trade, restaurants & hotels; transport & storage; financial intermediation;
real estate and renting; information & communication; business activities; public administration and defense; education; health and social work; recreational, cultural and sporting; and other service activities.
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(Year-on-year)
Real GDP (chained volume measure of GDP) increased by 4.2 percent year-on-year in the first quarter of 2011.
On the expenditure side, exports of goods & services expanded.
On the production side, manufacturing, electricity, gas & water supply and services all sustained their positive growth rate.
Growth Rates by Kind of Economic Activity and Component of Expenditure (at chained 2005 year prices, original series)
(percent change over previous year)
2009 2010p 2011p
Q1 Q2 Q3 Q4 annual Q1 Q2 Q3 Q4 annual Q1
Gross Domestic Product -4.2 -2.1 1.0 6.3 0.3 8.5 7.5 4.4 4.7 6.2 4.2 Agriculture, forestry & fishing 2.5 0.0 5.0 5.0 3.2 0.9 -2.2 -7.3 -6.7 -4.3 -9.2 Manufacturing -13.6 -7.1 1.8 13.1 -1.5 22.2 17.8 9.8 11.1 14.8 9.9 Electricity, gas & water supply 5.3 3.2 6.6 0.7 4.1 4.8 5.5 3.2 5.6 4.7 3.4 Construction -0.1 3.2 0.2 3.2 1.8 2.2 0.8 0.9 -3.2 -0.1 -9.9 Services1) -0.3 0.4 1.0 3.4 1.2 4.5 3.7 2.8 3.0 3.5 2.8 Final consumption expenditure -2.2 0.7 1.5 4.8 1.2 5.9 3.4 3.4 3.0 3.9 2.7 (Private) -4.7 -1.1 0.4 5.6 0.0 6.6 3.5 3.6 2.9 4.1 3.0 (Government) 7.8 7.3 5.3 2.2 5.6 3.4 2.9 2.5 3.2 3.0 1.6 Gross fixed capital formation -7.5 -3.0 -1.0 6.2 -1.0 12.5 6.8 6.8 3.4 7.0 -2.2 (Construction) 1.6 4.3 3.2 4.0 3.4 4.3 -2.3 -3.1 -2.9 -1.4 -11.9 (Facilities) -21.9 -18.1 -9.4 12.2 -9.8 29.1 30.5 26.6 15.9 25.0 12.0 Exports of goods & services -11.3 -3.8 1.1 9.3 -1.2 16.7 14.5 11.6 15.7 14.5 16.8 (Goods) -13.6 -3.4 2.1 14.6 -0.2 20.8 14.7 11.6 16.9 15.8 18.6 Imports of goods & services -18.4 -12.9 -7.8 8.8 -8.0 21.5 18.0 14.7 14.2 16.9 10.8 (Goods) -18.1 -13.3 -6.9 8.7 -7.8 21.6 20.4 16.0 15.5 18.2 13.3 Gross Domestic Income -4.9 -0.3 3.6 8.9 1.9 9.9 6.2 4.6 3.6 6.0 1.6 Note: 1) Includes wholesale & retail trade, restaurants & hotels; transport & storage; financial intermediation;
real estate and renting; information & communication; business activities; public administration and defense; 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).
