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South Korea revised fourth quarter GDP up 0.9 percent quarter on quarter, same as estimated
March 25, 2014 / 11:32 PM / 3 years ago

South Korea revised fourth quarter GDP up 0.9 percent quarter on quarter, same as estimated

A worker cycles past cars made by South Korea's automakers Hyundai Motor and affiliate Kia Motors parked at the company's shipping yard at a port in Pyeongtaek, about 70 km (43 miles) south of Seoul January 20, 2014.Kim Hong-Ji

SEOUL (Reuters) - South Korea's economy grew a seasonally adjusted 0.9 percent in the October-December period from the previous quarter, revised data from the central bank showed on Wednesday, unchanged from its earlier estimate.

The Bank of Korea revised down the annual growth for the quarter to 3.7 percent from 3.9 percent estimated in late January, saying in a statement the change was mainly due to the advancement of the base year to 2010 from 2005.

But the annual growth rates for the other quarters of 2013 were all revised up from earlier estimates due to the change in the base year, resulting in an upward revision of the rate for all of the year to 3.0 percent from the previous 2.8 percent.

The Bank of Korea had said late last year it would adopt new international standards on calculating gross domestic product from March by adding contributions from new sectors including research and development.

Reporting by Christine Kim; Editing by Choonsik Yoo

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