World News

South Korea fourth-quarter GDP growth upgraded from earlier estimates

SEOUL (Reuters) – South Korea’s economy turned out to have expanded a notch more than estimated during the final quarter of 2019 driven by domestic demand and capital investment, revised central bank data showed on Tuesday.

The economy, Asia’s fourth-largest, grew by a seasonally adjusted 1.3% in the October-December period from the previous quarter, just above a 1.2% rise estimated earlier, the Bank of Korea’s revised gross domestic product (GDP) data showed.

Private consumption, which generates nearly half of South Korea’s GDP, grew a revised 0.9%, more than the 0.7% increase estimated earlier, while facilities investment growth was revised up to 3.3%, from 1.5% reported earlier.

From a year earlier, South Korea grew a revised 2.3% during the fourth quarter, also better than a 2.2% expansion estimated in January.

For the whole of 2019, the economy expanded 2.0%, unchanged from the advanced estimate.

(Reporting by Joori Roh; Editing by Chris Reese)