South Korea's economic growth slowed more than expected in the third quarte...
SEOUL - South Korea’s economic growth slowed more than expected in the third quarter, and though exports showed some signs of recovery the overall outlook was clouded by a domestic spending slump and intensifying global trade frictions.
The trade-reliant economy has been among those worst-hit by cooling global demand as a prolonged U.S.-China tariff war disrupted world supply chains in a blow to business confidence and investment. A months-long trade spat with Japan has also added to strains on Korean exporters. Exports rose 4.1% in the third quarter after a 2.0% gain in the second quarter, which reversed a successive run of contractions for two quarters. But private consumption grew just 0.1% and construction spending tumbled 5.2%.
“Today’s data means this year’s growth will be 1.7% or 1.8% at most, but the economy is probably at or past the bottom as the global IT cycle is showing signs of recovery,” said Yoon Ji-ho, chief strategist at eBest Investment and Securities.
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