South Korea's central bank has released its preliminary data on the country's fourth quarter growth and 2017 full-year GDP growth,... and the figures make interesting reading.<br />Kim Hyesung has the details. <br /> For the first time in three years, South Korea's economic growth surpassed the three percent mark in 2017.<br />According to the Bank of Korea on Thursday, South Korea's real GDP grew three-point-one percent last year, up from two-point-eight percent in 2016. <br />This comes on the back of strong exports, especially semiconductors and electronics, amid the recovering global economy.<br /> Private consumption showed a gradual recovery, with both construction investment and facilities investment continuing a trend of expansion.<br /> But in the final quarter of 2017, the country's economy contracted zero-point-two percent, recording the worst quarterly growth since 2008.<br />The central bank attributed the slower growth due to a base effect as third quarter growth marked one-point-five percent, the fastest expansion in seven years. <br />Fourth quarter year-on-year growth came to three percent. <br />In addition, fewer working days over the extra-long Chuseok holiday held back industrial production.<br /> Exports contracted more than five percent on-quarter,... as a rise in exports of semiconductors was offset by a fall in outbound shipments of automobiles. <br /> Imports also fell four-point-one percent as inbound shipments of machinery shrank.<br />Kim Hyesung, Arirang News. <br />
