Go to Contents Go to Navigation

(LEAD) S. Korea's economy expands 2.8 pct in 2016: BOK

All Headlines 09:02 March 28, 2017

(ATTN: UPDATES with more details)

SEOUL, March 28 (Yonhap) -- South Korea's economy expanded 2.8 percent in 2016 from a year earlier on increased private and government spending, the country's central bank said Tuesday.

The revised expansion is slightly higher than a 2.7 percent gain previously estimated by the Bank of Korea (BOK). In 2015, the economy also grew 2.8 percent.

Increased spending by both the private and public sectors helped keep Asia's fourth-largest economy growing. Spending by the private and public sectors rose 2.5 percent and 4.3 percent, respectively, in 2016 from a year earlier.

The BOK said investment in the construction sector rose 10.7 percent in 2016 from a year earlier, while facility investment fell 2.3 percent during the same period.

The BOK said South Korea's per capita gross national income (GNI) came to US$27,561 in 2016, up 1.4 percent from $27,171 in the previous year.

Per capita GNI, in terms of the local currency, gained 4 percent on-year to 31.98 million won last year, the BOK said.

The central bank said personal gross disposable income -- which measures people's purchasing power -- grew 3.5 percent from a year earlier to 18.14 million won in 2016, while its value in terms of the U.S. greenback rose 0.9 percent on-year to $15,632.


Send Feedback
How can we improve?
Thanks for your feedback!