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South Korea’s economic growth slows in Q4

by ChemOrbis Editorial Team -
  • 27/01/2016 (14:46)
According to preliminary data from the Bank of Korea, the country’s gross domestic product (GDP) growth rate dropped to 0.6% on a seasonally adjusted basis in the October-December period after posting a 1.3% expansion in the third quarter of 2015. The Q4 growth rate was in line with earlier forecasts, according to a survey by the Wall Street Journal. In 2015, South Korea’s economy grew 2.6%, slower than the previous year’s growth of 3.3%.

The slowdown in growth was attributed to the fading effects of previous stimulus measures by the central bank as South Korea’s exports fell for a 12th consecutive month in December, the worst annual trade performance seen since the global financial crisis in 2008-2009. The country’s exports fell 7.9% in 2015.

Meanwhile, the Bank of Korea reduced its 2016 growth forecast to 3% from 3.2%.
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