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S. Korea economic growth at three-year low in 2012

Published on Jan 24, 2013 10:59 AM

SEOUL (AFP) - South Korea's economy grew at its slowest pace for three years in 2012, as the global downturn dampened exports and domestic demand, the central bank said today.

Asia's fourth largest economy grew by 2.0 per cent over the previous year - the slowest pace since a 0.3 expansion in 2009.

The preliminary figure from the Bank of Korea showed a slight acceleration in the fourth quarter, with gross domestic product up 0.4 per cent from the July-September period.

Exports, however, which account for nearly half the national GDP, slipped 1.2 per cent from the third quarter due to falling shipments of machinery and ship vessels.

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