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South Korean economy sees slowdown in Q2

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by Kay Mitchell

South Korea, which is Asia’s fourth largest economy, has experienced growth of 3.4% in the second quarter on an annual basis, down from 4.2% in the previous quarter, according to official data today.

Meanwhile, quarter-on-quarter growth was 0.8%, down from 1.3% as exports slowed and manufacturing weakened.

“Private consumption steadily increased and facilities investment rose. But growth in exports slowed while construction investment remained sluggish,” the central bank said in a statement.

Meanwhile, debt concerns from key markets such as the US and Europe has hit economic growth and analysts believe the outlook is volatile due to these problems.

Meanwhile, inflation continues to be a problem for South Korea. The country’s central bank has lifted interest rates several times in the last eight months in an effort to curb prices.

The Bank of Korea’s main interest rate currently stands at 3.25%.

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News posted: July 27, 2011

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