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South Korean economy grew 0.2% in last quarter

Wednesday, January 27, 2010

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According to data from South Korea's national bank, the country's economy grew by 0.2% in the last quarter of 2009.

The rise is now 6%, year-on-year, but the quarterly growth was slower than the 3.2% in the third quarter, according to the Bank of Korea. That increase was the best quarterly gain seen in over seven years.

Analysts were predicting a slightly higher performance, 0.3%, for the last quarter, and 6.2% year-on-year, a Dow Jones Newswires survey of economists reported.

"The data was weaker than market expectation, but a central bank official defended it as a temporary correction after the rapid rebound in Q3," analysts at Calyon, an investment banking entity, remarked in a note to clients. "Nonetheless, the weak data lowered the chance that the [Bank of Korea] will raise interest rate in its February meeting."

Meanwhile in the gross domestic product (GDP) report, the Bank of Korea said manufacturing was lower by 1.3% during the fourth quarter, and construction by 1.4%. The bank said the losses were "attributable to a decrease in building construction." Exports fell by 1.8%.


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Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

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