South Korean economy grows 3.1pc in 2017

AFP, SEOUL: South Korea’s economy grew at its fastest pace in three years in 2017, the central bank said yesterday, thanks to robust exports of tech products including semiconductors and growing consumer spending. The South — — the world’s 11th-largest economy and fourth-largest in Asia—expanded 3.1 per cent last year, up from 2.8 per cent in 2016 and the fastest since 2014’s 3.3 per cent, the Bank of Korea said. “Consumer spending showed moderate improvement while investments in construction and corporate infrastructure also rose significantly,” it said in a statement.

Production in the country’s manufacturing sector expanded by 4.2 per cent last year—the highest since 2011 when it grew 6.5 per cent. Investment in corporate infrastructure jumped 14.6 per cent—the fastest since 2010 — as local firms led by Samsung invested heavily to build or expand plants. In 2016 Samsung Electronics—the world’s largest chipmaker—invested over 40 trillion won ($37.6 billion) on infrastructure, and it is reported to have invested far more last year.

South Korean economy grows 3.1pc in 2017

AFP, SEOUL: South Koreas economy grew at its fastest pace in three years in 2017, the central bank said yesterday, thanks to robust exports of tech products including semiconductors and growing consumer spending. The South the worlds 11th-largest economy and fourth-largest in Asiaexpanded 3.1 per cent last year, up from 2.8 per cent in 2016 and the fastest since 2014s 3.3 per cent, the Bank of Korea said. Consumer spending showed moderate improvement while investments in construction and corporate infrastructure also rose significantly, it said in a statement. Production in the countrys manufacturing sector expanded by 4.2 per cent last yearthe highest since 2011 when it grew 6.5 per cent. Investment in corporate infrastructure jumped 14.6 per centthe fastest since 2010 as local firms led by Samsung invested heavily to build or expand plants. In 2016 Samsung Electronicsthe worlds largest chipmakerinvested over 40 trillion won ($37.6 billion) on infrastructure, and it is reported to have invested far more last year.