(RTTNews) - Friday saw some key economic data releases from major Asian economies, of which South Korean national accounts data and inflation reports from the Philippines and Taiwan were in focus.

According to the Bank of Korea, the South Korean annual economic growth slowed to 4.8% in the second quarter from 5.8% expansion seen in first quarter. On a sequential basis, the economy grew 0.8%. Growth figures matched the advance estimate released on July 25.

On the production side, the manufacturing sector growth improved to 2.2% quarter-on-quarter on higher exports, while the construction sector contracted 2.4%. At the same time, services climbed 0.5%, reflecting a fall in wholesale and retail trade, restaurants and hotels, which offset the firm growth of financial intermediary and business services.

On the expenditure front, private consumption slid 0.2% sequentially, driven by decreases in expenditures on durable and semi-durable goods. Meanwhile, investment grew 0.1% due to an increase in machinery and equipment investment. Exports of goods and services were up 4.1% and imports rose 4.3%.

Japan’s Ministry of Finance said capital investment spending was down an annual 6.5% in the second quarter of 2008, marking the fifth consecutive quarter of decline. Capex was down an annual 4.9% in the first quarter of the year. The official report also showed that corporate current profits eased 5.2% on year, while corporate sales fell 0.7%. The ministry also said that Japan’s foreign reserves in August stood at 997 billion yen, down 7.92 billion yen from 1.004 trillion yen in the previous month.

Taiwan’s Directorate General of Budget, Accounting and Statistics announced that the consumer price index, or CPI, increased 4.78% year-over-year in August, slower than July’s 5.91% increase, revised from an earlier estimate of 5.92%. Economists had expected the index to climb 4.96%. On a monthly basis, the CPI climbed 0.25% in August compared to a 0.66% rise in July. For first eight months of the year, the CPI climbed 4.25% year-on-year.

Meanwhile, the wholesale price index, or WPI, rose 9.57% year-over-year in August, after rising 11.46% in July. The annual growth for July was revised from 11.49%. On a monthly basis, wholesale prices declined 0.94% in August. During January to August, the WPI rose 8.91% over a year ago.

Elsewhere, the Central Bank of the Republic of China (Taiwan) said in a report that Taiwan’s foreign exchange reserves amounted to US$282.09 billion at the end of August, showing a decrease of US$8.81 billion from the figure recorded at the end of July. However, it was an increase of US$11.78 billion from the previous year.

Consumer prices in the Philippines jumped 12.5% year-on-year in August, faster than 12.3% recorded in July. The inflation figure was at a 17-year high. The Philippines central bank had predicted an August inflation range of from 11.8% to 12.6%. The bank said core inflation, which removes a number of volatile food and energy items, hit an annual 7%, compared to the July reading of 6.3%.

Separately, the statistical office said in its preliminary report that Producer Price Index or PPI for the manufacturing sector increased 5.5% year-on-year in July, marking a faster pace than the revised 4.2% rise recorded in June. The annual growth for June was initially recorded as 3.5%. On a monthly basis, producer prices increased at a faster pace of 1.7% in July compared to June’s 1.4%.

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