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South Korea's economy slowed to 4 percent growth in 4th quarter

South Korea's economy slowed to 4 percent growth in 4th quarter

South Korea's economy, the world's 10th largest, slowed in the fourth quarter of 2006 as manufacturing weakened, the Bank of Korea said Thursday.
Gross domestic product grew 4 percent in the fourth quarter from the same period the year before, the Bank of Korea said Thursday. In the previous quarter the economy expanded 4.8 percent from the year before.
The result was worse than expected. A total of 10 economists surveyed by Dow Jones Newswires had forecast on average that gross domestic product expanded 4.2 percent from a year earlier.
The manufacturing sector grew 5.7 percent in the fourth quarter from the year before, when it managed expansion of 10.2 percent. Manufacturing had grown 8.8 percent in the third quarter from the year before.
The figures, which are preliminary, also showed Asia's third-largest economy grew 0.8 percent in the three months ended Dec. 31 from the previous quarter. Eight economists surveyed by Dow Jones had forecast on average that GDP grew 1.1 percent quarter on quarter.
For all of 2006, however, the economy rebounded, growing 5 percent compared with 4 percent in 2005, matching the expectations of the both the central bank and the government.


Updated : 2021-05-13 09:13 GMT+08:00