South Korea hit 3.1% GDP growth in 2017: Central Bank

SEOUL – South Korea recorded 3.1% annual real GDP growth in 2017, the Bank of Korea (BOK) has announced, despite dropping  by 0.2% in the fourth quarter compared to the previous quarter. Korea’s GDP growth rate recorded 3.3% in 2014, but since then has remained below 3%, at 2.8% in 2015 and 2016.

The BOK said growth was being led by private consumption, up by 2.6%, construction investment, which grew at 7.5%, and equipment investment, at 14.6%. 
The central bank said growth in services decreased, but manufacturing accelerated while construction maintained an even higher level of growth. 
Both the Korean Government and the Bank of Korea predict that Korea will show real GDP growth of 3% in 2018. 
The International Monetary Fund (IMF) forecast 3.1% growth in Global Economic Prospects issued on January 9, while ratings agencies Standard & Poor’s and Moody’s both predict 2.8%.  www.korea.kr (ATI).