S. Korea grew at slower pace in Q4

South Korea’s fourth-quarter economic growth slowed on reduced investment in the construction sector, the country’s central bank said Tuesday.

In the three months that ended on Dec. 31, the nation’s gross domestic product rose 0.6 percent from the previous quarter, according to preliminary data from the Bank of Korea. From a year earlier, the quarterly GDP grew 3 percent.

For the year, Asia’s fourth-largest economy expanded by 2.6 percent, lower than the 2.7 percent projected by the central bank. It was also slower than the 3.3 percent growth shown in 2014.

“Consumer spending continued to increase at a faster rate, and exports were better, but investment in the construction sector dropped by a large margin,” the BOK said.

Construction investment fell 6.1 percent from the previous quarter.

Consumer spending, however, rose 1.5 percent on-quarter, quickening from a 1.2 percent expansion in the previous quarter. Exports also improved, growing 2.1 percent over the cited period, while government spending and equipment investment gained 1.2 percent and 0.9 percent on-quarter, respectively.

(khnews@heraldcorp.com)