Arab Today, arab today south korea\s growth slows due to eurozone crisis
Last Updated : GMT 09:42:43
Arab Today, arab today
Arab Today, arab today

South Korea\'s growth slows due to eurozone crisis

Arab Today, arab today

Arab Today, arab today South Korea\'s growth slows due to eurozone crisis

Seoul - AFP

South Korea\'s economy grew at its slowest pace for two years in the final quarter of 2011 as Europe\'s debt crisis took its toll on exports and consumer spending, the central bank said Thursday. Gross domestic product in October-December rose 0.4 percent from the previous three months, compared with a 0.8 percent rise in the third quarter. It was the lowest quarter-on-quarter increase since 0.2 percent in October-December 2009. Year-on-year, Asia\'s fourth largest economy grew 3.4 percent in the fourth quarter of 2011 compared to 3.5 percent in July-September. \"Amid sluggish domestic demand, exports turned negative,\" senior central bank official Kim Young-Bae told reporters. \"The sovereign debt crisis in Europe had a larger than expected impact on facility investment and private consumption.\" Exports, accounting for about half of GDP, declined 1.5 percent quarter-on-quarter in October-December after expanding 2.2 percent in the three months earlier. Private spending fell 0.4 percent compared to a 0.4 percent rise in the previous quarter. Facility investment dropped 5.2 percent after falling 0.8 percent in July-September, while construction investment fell 0.3 percent following a 1.8 percent rise in the third quarter. The economy grew 3.6 percent last year compared with a 6.2 percent rise in 2010. Barclays Capital forecast that growth would pick up in the first quarter of this year amid firm US economic data and resilient demand from China. It said an upward revision in Thursday\'s figures was possible next month because of firm employment conditions and a surge in start-up companies. Barclays tipped a 1.0 percent quarter-on-quarter GDP expansion in January-March and maintained its 3.5 percent forecast for the full year. The central bank forecasts 3.7 percent growth this year. The central bank this month froze its key interest rate at 3.25 percent for a seventh straight month despite inflationary pressures, citing a significant global slowdown and Europe\'s persistent sovereign debt crisis. HSBC Global Research said Thursday\'s figures confirm that \"weakness is now embedded inside Korea\'s economy\". It tipped a 25 basis point rate cut to support domestic demand by the end of the current quarter. It said the export outlook remains firm, thanks to a weaker won, the effect of free trade deals and easier manufacturing import costs. But the research unit said private spending contracted quarter-on-quarter for the first time since March 2009, with household purchasing power hit by high inflation and increasingly limited access to new bank credit. \"Whilst this is far from a hard landing scenario, it is becoming clear that the economy will need a healthy boost, especially with no signs of a rebound anytime soon,\" HSBC Global Research said in a commentary.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today south korea\s growth slows due to eurozone crisis Arab Today, arab today south korea\s growth slows due to eurozone crisis

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today south korea\s growth slows due to eurozone crisis Arab Today, arab today south korea\s growth slows due to eurozone crisis

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Fighters celebrate Raqa victory

GMT 06:07 2017 Wednesday ,18 October

Fighters celebrate Raqa victory
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday