27 October 2010 06:01 [Source: ICIS news]
SINGAPORE (ICIS)--South Korea’s economy grew 4.5% year on year in the third quarter of 2010, while growth slowed to 0.7% from three months earlier as the pace of shipments abroad lost momentum, the country’s central bank said on Wednesday.
“Growth in exports slowed, but private consumption increased while facility investment remained robust,” according to an advance estimate by the Bank of Korea.
Exports grew by 1.9% in the third quarter from the April-June period, as compared to a 7% rise in the previous quarter, led mainly by increased exports of petrochemical products, semiconductors and automobiles, it said.
Meanwhile, the country’s manufacturing sector - which includes the chemicals industry - recorded a year-on-year growth of 9.9% in the third quarter, according to the Bank of Korea.
The sector recorded a quarter-on-quarter growth of 2.0% in the July-September period, due mainly to growth in the general machinery and transport equipment, the central bank added.
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