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.
Kim Hyesung has the details.
For the first time in three years, South Korea's economic growth surpassed the three percent mark in 2017.
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.
This comes on the back of strong exports, especially semiconductors and electronics, amid the recovering global economy.
Private consumption showed a gradual recovery, with both construction investment and facilities investment continuing a trend of expansion.
But in the final quarter of 2017, the country's economy contracted zero-point-two percent, recording the worst quarterly growth since 2008.
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.
Fourth quarter year-on-year growth came to three percent.
In addition, fewer working days over the extra-long Chuseok holiday held back industrial production.
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.
Imports also fell four-point-one percent as inbound shipments of machinery shrank.
Kim Hyesung, Arirang News.