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S. Korean economy growth slows to three-year low

Published on Dec 6, 2012 9:05 AM
 

SEOUL (AFP) - South Korea's economy grew 0.1 per cent in the third quarter from the previous three months - the slowest pace in more than three years, on shrinking investment and manufacturing, data showed on Thursday.

The revised figure - compared to 0.2 per cent growth predicted by the Bank of Korea in October - was the same as the first quarter of 2009 when the South was hit by the global financial crisis.

On a year-on-year basis, gross domestic product - the broadest measure of economic performance - for July-September was up 1.5 per cent, compared to 2.3 per cent on-year gain in the second quarter.

Exports, which account for nearly half of Asia's fourth-largest economy, rose 2.8 per cent from the previous quarter due to robust overseas shipments of mobile devices and petrochemical products.

 
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