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S. Korea's growth slows to 0.7 pct in third quarter

12-02-2010 16:11 BJT

SEOUL, Dec. 2 (Xinhua) -- The South Korean economic growth slowed to 0.7 percent in the third quarter this year over the last quarter due to deceleration in export growth, the central bank said Thursday.

According to the Bank of Korea (BOK), the country's gross domestic product (GDP) grew 0.7 percent from July to September, posting a smaller gain than the previous quarter when the figure stood at 1.4 percent.

The growth slowdown means the economy is walking out of the fast recovery phase, media reports said.

The quarterly growth rate was on a downward track after the first quarter, but the self-sustaining recovery in the private sector remains firm thanks to strong private spending and investment, Jung Yung-taek, head of the BOK's national accounts office, told a press conference.

The BOK predicted positive quarterly growth for the fourth quarter, thereby the local economy will likely post a growth rate of around 6 percent for the full year.

BOK Governor Kim Choong-soo last month said the economy is likely to grow 6 percent this year thanks to brisk exports, slightly higher than the bank's earlier prediction of 5.9 percent.

The data came a day after the economy ministry reported a trade surplus of 3.61 billion U.S. dollars for November, which was half the amount of the previous month surplus.

Editor:Du Xiaodan |Source: Xinhua

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