Seoul, Jan 24: South Korea’s economic growth accelerated in the fourth quarter from three months earlier, as stronger won helped boost private consumption.
Real gross domestic product (GDP), the broadest measure of economic performance, increased 0.4 percent in the three months ended Dec 31, up from a revised 0.1 percent growth in the third quarter, the Bank of Korea (BOK) said in a statement.
The figure was seasonally adjusted, reported Xinhua.
Private consumption rose 0.8 percent, offsetting reduction in other items of the expenditure side such as exports, imports and facility investment. The won’s ascent against the US dollar enhanced purchasing power of domestic consumers, resulting in consumption growth.