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THE INVESTOR] Korea’s economy grew at a slower pace in the second quarter on decreased manufacturing and construction, central bank data showed on Sept. 1.
The country’s gross domestic product grew 2.7 percent in the second quarter from a year earlier, compared with a 2.9 percent expansion in the previous quarter, according to preliminary data from the Bank of Korea.
On-quarter, it expanded 0.6 percent in the April-June period, decelerating from a 1.1 percent expansion three months earlier.
The BOK said manufacturing fell 0.3 percent in the second quarter from three months earlier, while construction contracted 1.3 percent.
Still, construction investment rose 0.3 percent in the second quarter mainly due to the growth of building construction, while facility investment grew 5.2 percent, led by the growth of investment in machinery and transportation equipment.
The BOK said consumer spending grew 1 percent in the second quarter from three months earlier, while exports fell 2.9 percent during the same period on decreased shipments of automobiles and chemical products.
By Alex Lee and newswires (
alexlee@heraldcorp.com)