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S. Korea's economic growth slows in Q1: BOK

All News 08:13 June 02, 2016

SEOUL, June 2 (Yonhap) -- South Korea's economic growth slowed in the first quarter from three months earlier due to still sluggish demand at home and abroad, central bank data showed Thursday.

In the January-March period, the country's gross domestic product (GDP) expanded 0.5 percent from the previous quarter, slowing from a 0.7 percent on-quarter expansion three months earlier, according to preliminary data from the Bank of Korea (BOK).

From a year earlier, the local economy grew 2.8 percent, also marking a slowdown from a 3.1 percent on-year expansion in the previous quarter.

The latest reading, however, is in line with the BOK's earlier estimate released in April.

The construction industry helped keep the local economy growing, with its output jumping 11.1 percent on-year in the first three months.

Output by the manufacturing industry, on the other hand, only gained 1.9 percent over the cited period, while that by the agricultural industry shrank 2.4 percent.


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