Economic Growth of South Korea Rose to 2.8%

As stated by the Central Bank of Korea on Tuesday, their economy gained 2.8 percent from a year earlier in 2016 due to improvement on private and government expenditures.

The revised growth is relatively higher compared with the 2.7 percent estimate made by the Bank of Korea (BOK) during the month of January. The Asia's fourth-largest growing economy boosted in 2015 acquiring 2.8 percent growth. The increase in spending on private and public sectors provided support for Korea.

Private sector and government consumptions surged to 2.5 and 4.3 percent last year, accordingly.

The BOK also mentioned the construction investment expanded by 10.7 percent mainly because the building construction for family dwelling increased as well. On one side, the investment for facilities was driven down by 2.3 percent due to investment in machinery and equipment.