Economic Growth in South Korea Decline in Fourth Quartet of 2015

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Economic growth in South Korea, the fourth largest in Asia, fell by almost half in the last quartet of 2015, The Bank of Korea said Tuesday.

According to the bank, over the last three months of last year, the gross domestic product increased by 0.6 percent, compared to 1.3 percent at the third quartet.

Economic slowdown at the of 2015 is due to a decrease in construction investments by 6.1 percent and the reduction in construction work.

Consumption has increased in the country from October to December by 1.5 percent, what is slightly higher compared to 1.2 percent in the preceding quartet.

“Although private consumption and construction investment enlarged and facilities investment sustained steady growth, intellectual property products investment and exports slowed,” the bank said in a press release.

At the same time, economic growth of South Korea increased in 2015 by 2.6 percent compared to 2014, when growth stood at 3.3 percent.

 

 

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