A few weeks ago the Yomiuri News on-line reported the following:
The Bank of Korea (the Central bank) announced on the 24th (April) that the real growth rate, the gross domestic product (GDP, preliminary figures) for the term January to March for South Korea was a 0.9% increase compared with the previous term.
Although the South Korean Bank did not announce the annually-adjusted growth rate for the quarter, it put the annual rate at about 3.8%. Although capital investment changed to a minus for the first time in five terms, housing construction was good and a slow recovery was maintained.
In construction investment, those aiming at residences had changed from a 5.2% decrease in the preceding period to a 4.8% increase. Housing sale was good in response to the low interest rate lending facility etc. The export which occupied 50 percent of the GDP had an increase of 1.7% (preceding quarter was an increase of 1.4%), and its smart phones etc. were steady.
On the other hand, capital investment was a 1.3% decrease. In private consumption, due to a warm winter the fuel expenses had a decrease etc. The pace of expansion remained on the increase of 0.3%, from the 0.6% increase of the preceding period.
The South Korean government concluded that the export to advanced nations, such as the West, was extended, and predicted that the GDP for 2014 would be an increase of 3.9%. Compared with the track record for 2013 (an increase of 2.8%), the economy was showing a sign of recovery. However, although the export value in 2013 January to September was an increase of 2.7% compared with the corresponding period last year, when the Samsung Group was removed from a trial calculation, it was a 3.6% decrease. In small and medium-sized enterprises training did not progress, yet an opinion (from the financial industry insider) that "South Korean economy is depending on the Samsung Electronics, and it has fallen into growth that cannot be felt" had also come out.