South Korea's Economic Growth Slows

The declines in consumer demand, government spending, and exports slowed down South Korea's economic growth in the last quarter of 2009 from the previous three months but jumped from the year-earlier period, thwarting a contraction for the full year.


The Bank of Korea says that gross domestic product in the three months through December rose a seasonally adjusted 0.2% from the previous three months, slowing from a 3.2% gain in the third quarter. From a year earlier, the economy grew 6% in the fourth quarter, up sharply from 0.9% growth in the third quarter.


For the full-year 2009, the economy grew 0.2%, thwarting a contraction. The economy expanded 2.2% in 2008.


"Compared with the third quarter, the manufacturing and construction sectors showed a decline," says the BOK in a statement. "Private consumption and exports of goods also declined slightly from the previous quarter." 


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