Economy slightly eases in Q3: flash estimates

It grew 4.4% YoY from 4.5% YoY in Q2.

The gross domestic product (GDP) economy grew at a slower pace in Q3, clocking in at 4.4% YoY, flash estimates from the Ministry of Trade and Industry (MTI) showed. In Q2, the GDP grew by 4.5% YoY.

On a quarter-on-quarter basis,  GDP expanded by 1.5%, a turnaround from the 0.2% contraction in the preceding quarter.

The manufacturing sector also saw slower expansion in Q3, growing only 1.5% YoY from 5.7% YoY in Q2. 

"The manufacturing sector was supported by output expansions in the transport engineering, general manufacturing and precision engineering clusters, which outweighed output declines in the electronics and chemicals clusters," the MTI said.

On the other hand, the construction sector grew faster in Q3 by 7.8% YoY from 4.8% YoY in Q2.

Amongst the services-producing industries, the "wholesale & retail trade and transportation & storage" (6.2% YoY vs 2.9% YoY) and the "accommodation & food services, real estate, administrative & support services" (9.2% YoY vs 7.6% YoY) posted higher growths during the quarter.

Meanwhile,  the "information & communications, finance &
insurance and professional services"  slowed down in Q3, posting a lower growth of 4.0% YoY vs 4.7% YoY in the preceding quarter.