Growth in S. Korea slows in quarter
By Kelly Olsen |
July 27, 2010, Tuesday
|
Print Edition
Print Edition
SOUTH Korea's economic growth slowed in the second quarter despite gains in exports, manufacturing and capital outlays as construction contracted and government spending and services weakened.
Gross domestic product expanded 1.5 percent in the three months ended June 30, compared with the first quarter this year, when it grew 2.1 percent, the Bank of Korea said yesterday. Compared with the same period last year, the economy grew 7.2 percent. The figures are preliminary and may be revised.
South Korea, Asia's fourth-largest economy, has rebounded strongly from the global downturn to expand six straight quarters, boosted by record-low interest rates, government stimulus spending and robust exports.
In the second quarter, South Korea's manufacturing, exports and capital spending all posted increases from the previous quarter. Exports of goods grew 7.1 percent, led by increased shipments of automobiles, semiconductors and machinery, the bank said.
The nation's construction sector, however, shrank 0.8 percent during the three-month period.
Gross domestic product expanded 1.5 percent in the three months ended June 30, compared with the first quarter this year, when it grew 2.1 percent, the Bank of Korea said yesterday. Compared with the same period last year, the economy grew 7.2 percent. The figures are preliminary and may be revised.
South Korea, Asia's fourth-largest economy, has rebounded strongly from the global downturn to expand six straight quarters, boosted by record-low interest rates, government stimulus spending and robust exports.
In the second quarter, South Korea's manufacturing, exports and capital spending all posted increases from the previous quarter. Exports of goods grew 7.1 percent, led by increased shipments of automobiles, semiconductors and machinery, the bank said.
The nation's construction sector, however, shrank 0.8 percent during the three-month period.
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