South Korean economy grew by 2.7% in 2018


The economy of South Korea, according to the final data of the Bank of Korea, grew in the fourth quarter at the fastest pace since the third quarter of 2017, having increased by 3.1% in annual terms. Compared with the previous quarter, its growth was 1%. However, the results of the whole of 2018 showed the slowest GDP growth rate of 2.7% since 2012. The weakening of demand for semiconductors in the world led to a decrease in corporate investment by 1.6%, the volume of which was the lowest in 9 years. The most significant drop in investment in the construction sphere since 1998, the volume of which fell by 4%, also had a negative impact on the economic growth rate. The annual growth rate of consumer spending was at the level of 2.8%. Government spending increased by 5.6%. Exports increased by 4.2%, imports - by 1.7%.

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