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S. Korea Q4 Growth Slowest in 18 Months

S. Korea Q4 Growth Slowest  in 18 MonthsS. Korea Q4 Growth Slowest  in 18 Months

South Korea, the fourth largest Asian economy, grew 0.4% in the three months to December marking its slowest pace in six quarters as construction investment and exports fell, Business Insider reported. Construction investment fell by 1.7%, with civil engineering and exports contracting by 0.1% as a fall in transport services more than offset a rise in automobile shipment, the nation’s central bank said Wednesday. The data comes less than a month after the country lowered its growth outlook for 2017 to 2.6% from 3% on concerns domestic demand was slipping and waning job growth was holding back a recovery. The government is also in turmoil after lawmakers voted to impeach President Park Geun-hye over an influence-peddling scandal. The scandal and subsequent investigations have battered consumer and business confidence. Manufacturing grew by 1.8%, mainly due to an expansion in machinery and equipment while electricity, gas & water supply fell by 4.3%. Services showed no change, as the growth in health and social welfare was negated by a decline in real estate and leasing, the central bank said.

 

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