S Korea Q4 economy grows slower at 3.4% year on year

26 January 2012 06:21  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s economy expanded at a slightly weaker annual pace in the fourth quarter at 3.4%, from 3.5% in the third, but with a more pronounced quarter-on-quarter deceleration in economic activities, preliminary government data released on Thursday showed.

In the last three months of 2011, the economy grew by 0.4% quarter on quarter - half the pace it recorded in the third quarter, and the slowest quarterly growth since 2010, as construction and manufacturing output declined, based on data from the Bank of Korea.

Construction contracted by 2.2%, while the manufacturing sector shrank by 0.5% in the fourth quarter from the September quarter, it said.

Exports were down 1.5% quarter on quarter, while imports fell 1.9%, the data showed.

For the whole of 2011, the economy grew by 3.6%, a sharp slowdown from the 6.2% clip recorded in 2010, based on advanced estimates from the central bank.

Exports growth slowed to 10.0% from a 14.5% pace in 2010, while imports moderated, logging a 6.6% growth from 16.9% in 2010, the data showed.

Manufacturing growth in 2011 at 7.1% was less than half the pace of expansion recorded in 2010, and the construction sector contracted deeper by 5.6% from a 0.1% decline in the previous year.

By: Pearl Bantillo
+65 6780 4359

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