The South Korean economy grew 3.6 percent in 2011, slowing from a 6.3 percent gain in 2010, due to weak private spending and facility investment, the central bank said Friday.
The country's gross domestic product (GDP), the broadest measure of economic performance, matched an earlier estimate by the Bank of Korea (BOK).
The central bank said the growth of the Korean economy eased last year mainly due to a sharp downturn in facilities investment and a slowdown in private consumption.
Private spending, one of the main growth engines of the Korean economy, expanded 2.3 percent in 2011, slowing from a 4.4 percent rise the previous year.
Facility investment grew 3.7 percent in 2011, a sharp drop from a 25 percent expansion a year earlier, while construction investment declined 5 percent, according to the central bank.
The data came as economic uncertainties linger while inflationary pressure is growing, prompting Korean policymakers to face difficulties in adjusting the pace and the depth of policy normalization.
Meanwhile, the nation's gross national income (GNI), reflecting the actual purchasing power of the population, rose 1.5 percent on-year in 2011, the BOK said.
Korea's GNI per capita stood at US$22,489 last year, up from $20,562 the previous year, the central bank added.
The GNI per capita surpassed the $20,000 mark for the first time since 2007 as the economy grew and the local currency rose against the U.S. dollar. (Yonhap News)
