The Bank of Korea Reports Q3 GDP Growth Rate of 0.3%, Matching Preliminary Estimate (Update)

'Announcement of the 2021 Q3 National Income (Provisional)'

[Asia Economy Reporter Jang Sehee] The preliminary real Gross Domestic Product (GDP) growth rate for the third quarter of this year was 0.3%, unchanged from the flash estimate (0.3%) announced last October. Construction investment and facility investment decreased compared to the flash estimate, while goods exports and private consumption were revised upward.

On the 2nd, the Bank of Korea maintained the third quarter GDP growth rate at 0.3% in its announcement of the '2021 Third Quarter National Income (Preliminary)'.

By expenditure item, private consumption recorded -0.2%, revised upward by 0.1 percentage points from the flash estimate, as services (such as food and accommodation) decreased but non-durables (such as food and beverages) increased.

Facility investment fell by 0.1 percentage points from the flash estimate to -2.4%, affected by a decline in transportation equipment. Construction investment decreased by 3.0%, mainly in civil engineering construction, revised downward by 0.5 percentage points from the flash estimate. Exports increased by 1.8%, driven by coal and petroleum products, machinery, and equipment, while imports decreased by 0.7 percentage points due to a decline in automobiles.

The nominal GDP growth rate, reflecting price changes, recorded 1.4%, down from 1.9% in the second quarter. The nominal Gross National Income (GNI) for the third quarter was 0.1%, down from 2.4% in the second quarter.

Meanwhile, the GDP deflator (nominal GDP/real GDP) rose 2.3% year-on-year. The GDP deflator recorded 1.6% in the second quarter.

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