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S. Korea's economic growth slows in Q4: BOK

All News 08:00 January 26, 2016

SEOUL, Jan. 26 (Yonhap) -- South Korea's economic growth slowed significantly from three months earlier in the fourth quarter despite a visible recovery in spending and exports as the slump in the construction sector offset gains, central bank data showed Tuesday.

In the three months that ended on Dec. 31, the gross domestic product of Asia's fourth-largest economy expanded 0.6 percent from the previous quarter, according to preliminary data from the Bank of Korea (BOK).

The Q4 tally marks a slowdown from a 1.2 percent on-quarter rise in the third quarter, the highest reading since the second quarter of 2010.

"Consumer spending continued to increase at a faster rate with exports doing better, but investment in the construction sector dropped by a large margin," the BOK said.

In the October-December period, consumer spending grew 1.5 percent on-quarter, quickening from a 1.2 percent expansion in the previous quarter.

Exports increased 2.1 percent over the cited period, while government spending and equipment investment gained 1.2 percent and 0.9 percent on-quarter, respectively.

Construction investment plunged 6.1 percent from the previous quarter.

bdk@yna.co.kr
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