South Korea Q4 GDP growth revised up on construction spending

A worker at the construction site for the opening ceremony of the 2018 Pyeongchang Winter Olympic Games in the town of Hoenggye in Pyeongchang, South Korea.
A worker at the construction site for the opening ceremony of the 2018 Pyeongchang Winter Olympic Games in the town of Hoenggye in Pyeongchang, South Korea.PHOTO: AFP

SEOUL (REUTERS) - South Korea's economy grew a seasonally adjusted 0.5 per cent during the final three months of last year from the previous quarter, revised central bank data showed on Tuesday (March 28), slightly above an earlier estimate of 0.4 per cent.

The upward revision owed mostly to the construction sector, which grew by 1.3 per cent from a quarter earlier, faster than a 0.5 per cent expansion estimated before.

From a year earlier, South Korea's gross domestic product expanded by 2.4 per cent in the final quarter of 2016, the Bank of Korea data showed, slightly above the advanced estimate of 2.3 per cent released on Jan 25.

For the whole of last year, the economy grew by 2.8 per cent, the revised data showed, expanding at a similar rate to 2015.