Download Gross Domestic Product 1998 2/4 (PRELIMINARY)

Gross Domestic Product : The First Quarter of 2002 (PRELIMINARY)
Real gross domestic product (GDP) increased 5.7 percent in the first quarter of
2002 compared with the same period of the previous year.
The major contributors to the increase in GDP in the first quarter were the
sustained increases in construction investment and private consumption. In addition to
this, equipment investment and exports both shifted to an upturn.
On the production side, agriculture, forestry & fishing industry production increased
7.2 percent. Production from animal husbandry and fishery rose while the cultivation of
vegetables and fruit dropped.
Manufacturing industry production rose 3.5 percent, led by the increase in
construction materials, electrical equipment for household use, communications equipment,
and motor vehicles, which more than offset a decline in ship-building and industrial
machinery. The production of information and communication equipment manufacturing
sector increased 4.7 percent.
Construction industry production rose 8.9 percent, which was mainly due to the
increase in building construction, notably of apartments, shopping centers, and schools.
Services industry production rose 7.6 percent in accordance with the growth in the
communications, and finance & insurance, and in the community, social & personal
services subsectors.
-1-
The contribution ratio of manufacturing industry to GDP climbed from the 18.7
percent of the previous quarter to 21.4 percent. That of services industry rose from 50.8
percent to 60.1 percent, while that of the construction industry fell from 21.8 percent to 9.5
percent.
On the demand side, private consumption expenditures increased 8.4 percent.
Household spending on durables, such as air-conditioners, refrigerators, cell phones and
motor vehicles, increased as did that on services such as communications, medical
treatment, and entertainment.
Fixed investment increased 6.5 percent. Construction investment increased 10.1
percent and equipment investment shifted to an upturn, rising 3.2 percent.
Goods exports, in volume terms, increased 2.6 percent. While ship-building, steel, and
industrial machinery exports decreased, those of semi-conductors, electrical equipment for
household use, communications equipment, and motor vehicles, all increased. Exports of
goods and services rose 2.1 percent.
While the contribution ratio of domestic demand to final demand declined from the
114.1 percent of the previous quarter to 85.4 percent, that of exports rose from the -14.1
percent of the previous quarter to 14.6 percent.
Real gross domestic income (GDI) increased 7.1 percent, outpacing GDP growth due
to an improvement of the terms of trade.
-2-
Growth Rates by Kind of Economic Activity and Component of Expenditure1)
(at 1995 constant prices)
unit : %
2001p
2000
1/4
Gross Domestic Product
1/4
2/4
2002p
3/4
4/4
연간
3.7
3.0
5.7
7
7.2
3.5
7.7
8.9
7.6
-
8.1
8.4
5.5
6.5
10.1
3.2
2.1
2.6
6.3
3.9
13.1
3.7
2.9
1..9
Agriculture, forestry & fishing
Manufacturing
Electricity, gas & water
Construction
Services
4.8
22.9
19.2
-7.0
12.4
-4.1
4.5
7.5
2.4
3.9
3.5
2.2
4.7
1.5
4.0
1.3
-1.7
4.3
7.6
3.8
1.5
2.1
6.0
9.5
4.7
1.4
1.7
5.7
5.6
4.1
Final consumption expenditure
( Private )
( Government )
Gross fixed capital formation
( Construction )
( Machinery & equipment )
Exports of goods & services
( Merchandise )
Imports of goods & services
( Merchandise )
10.2
11.9
0.5
22.8
-6.3
64.1
26.9
31.2
31.6
35.4
1.2
1.5
-0.7
-4.0
1.5
-8.4
9.0
8.7
0.2
-0.1
3.5
4.1
-0.1
-4.8
1.1
-11.2
0.7
-0.1
-7.2
-9.2
4.3
4.8
1.0
-3.1
8.2
-15.7
-4.1
-5.4
-5.5
-7.9
5.6
6.6
0.3
4.9
10.7
-3.1
-1.1
-1.1
1.1
-0.7
3.7
4.2
0.2
-1.7
5.8
-9.8
1.0
0.4
-2.8
-4.5
5.6
0.5
0.7
-0.4
3.0
1.0
Gross Domestic Income
1/4
7.1
Notes: 1) Percentage change over previous year.
2) p : preliminary.
Seasonally adjusted real GDP in the first quarter of 2002 increased 1.8 percent
compared with the previous quarter.
On the production side, electricity, gas & water, services, and manufacturing
industry all increased, while the agriculture, forestry & fishing industry saw a decrease
compared with the pervious quarter.
On the demand side, consumption, investment, and exports all, expanded compared
with the previous quarter. The increase was especially pronounced for exports, imports, and
equipment investment largely.
Real gross domestic income (GDI) rose 4.8 percent due to the improvement in the
terms of trade.
-3-
Growth Rates by Kind of Economic Activity and Component of Expenditure1)
(at 1995 constant prices, S.A.)
unit : %
2.5
-1.2
1.2
0.3
1.3
1.6
2002p
1/4
2/4r
3/41.8
Agriculture, forestry & fishing
Manufacturing
Electricity, gas & water
Construction
Services
1.1
6.0
1.5
-2.8
1.5
0.6
-3.8
1.5
-1.2
0.3
0.2
0.8
3.1
4.7
0.9
0.5
-0.8
-1.1
1.1
1.1
-0.2
1.4
1.0
2.9
1.4
0.8
1.5
2.7
3.4
1.6
-3.3
1.1
5.1
0.7
3.0
Final consumption expenditure
( Private )
( Government )
Gross fixed capital formation
( Construction )
( Machinery & equipment )
Exports of goods & services
( Merchandise )
Imports of goods & services
( Merchandise )
-0.1
0.0
-0.7
-2.1
-4.7
0.8
5.4
6.5
4.3
4.6
0.4
0.4
0.8
-2.8
2.3
-8.0
-1.0
-1.8
-3.8
-3.9
0.5
0.7
-0.5
2.0
2.5
1.3
2.8
2.4
-0.2
-0.3
2.5
2.8
0.3
-1.5
1.6
-5.2
-5.8
-6.4
-7.0
-9.0
0.8
0.8
0.4
0.0
3.8
-4.7
0.4
0.3
5.4
5.6
1.8
2.1
0.0
3.3
1.4
5.7
1.6
2.7
3.5
3.5
2.6
2.3
4.6
4.5
2.4
7.2
5.3
5.2
5.3
5.1
1.8
-3.0
3.0
-1.0
0.8
1.7
4.8
2000
3/4
Gross Domestic Product
Gross Domestic Income
2001
4/4
Notes: 1) Percentage change compared to the previous quarter.
2) p : preliminary.
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1/4
2/4
p
3/4
4/4