South Korea raises 2016 GDP growth to 2.8%

South Korea raises 2016 GDP growth to 2.8%
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Asia’s fourth-largest economy grew slightly more than previously thought last year, South Korean authorities said Tuesday (Mar 28).

The central Bank of Korea raised its figure for the 2016 economic growth rate by 0.1 percentage points to 2.8 per cent, saying the manufacturing sector performed better than earlier estimated.

The change meant the rise in gross domestic product (GDP) was unchanged from the previous year, rather than falling.

Decades of rapid growth saw the South rise from the ashes of the Korean War to become a member of the OECD group of leading economies, but expansion has slowed more recently.

Economic frustrations were among the factors underlying the giant anti-corruption protests that saw president Park Geun-Hye impeached.

Per capita gross national income (GNI) came to US$27,561 in 2016, up 1.4 per cent from the previous year, the Bank of Korea said.

The manufacturing sector expanded 2.3 per cent last year, it said, rather than the 1.7 per cent figure it gave in January and the 1.8 per cent in 2015.

Exports grew 2.1 per cent in 2016, a reverse from a 0.1 per cent contraction the previous year, while imports grew 4.5 per cent, up from 2.1 per cent.