South Korea fourth-quarter GDP growth revised from initial forecast

South Korea’s economy expanded by a little more than estimated during 2019’s final quarter, attributed to higher domestic demand and capital investment.

Asia’s fourth largest economy grew by 1.3% on seasonal adjustment in the October-December period. The figure was higher than the 1.2% forecasted rise, as shown in the revised GDP of the Bank of Korea.

Private consumption, which accounts to almost half of South Korea’s GDP, gained 0.9%, higher than the 0.7% increase that was estimated earlier. Meanwhile, facilities investment growth was revised to 3.3%, from the early reports of 1.5%.

South Korea grew a revised 2.3% year-on-year on the fourth quarter, which is higher than the 2.2% expansion forecast.

For the entire year of 2019, South Korea’s economy expanded by 2.0%.