2018.03.2719:47:00UTC+00South Korea GDP Gains 0.2% On Quarter In Q4

South Korea's gross domestic product expanded a seasonally adjusted 0.2 percent on quarter in the fourth quarter of 2017, the Bank of Korea said on Wednesday.

That follows the 1.4 percent gain in the third quarter.

On a yearly basis, GDP expanded 2.8 percent - slowing from 3.8 percent in the three months prior.

For all of 2017, GDP climbed 3.1 percent.

Agriculture, forestry and fishing increased by 0.3 percent in 2017, mainly due to the growth of aquaculture.

Manufacturing increased 4.4 percent. While transportation equipment contracted, the growth in machinery and equipment and electrical and electronic equipment expanded.

Construction climbed 7.1 percent. While civil engineering fell 3.0 percent, residential and non-residential building construction increased.

Services showed a slower expansion of 2.1 percent. While the growth of finance and insurance expanded, the growth in wholesale and retail trade and cultural and other services slowed.

Private consumption advanced 2.6 percent in 2017, with an increase in the consumption of durable goods.

Gross fixed capital formation spiked 8.6 percent. Construction investment increased by 7.6 percent, mainly owing to the growth in residential building construction. Facilities investment increased by 14.6 percent, driven by investment in general machinery and precision instruments. Intellectual property products investment increased by 3.0 percent.

In 2017, gross domestic product at current prices (nominal GDP) jumped 5.4 percent to 1,730.4 trillion won. GNI per capita in US dollar terms marked a year-on-year increase of 7.5 percent to reach $29,745 in 2017.

The GDP deflator rose by 2.3 percent in 2017.

The gross saving ratio rose by 0.2 percentage points, from 36.1 percent in 2016 to 36.3 percent in 2017. The gross domestic investment ratio grew by 1.9 percentage points, from 29.3 percent to 31.2 percent.