April 25, 2024

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[THE INVESTOR] The growth of housing construction in Korea is expected to decelerate sharply next year, a state-run think tank said on Nov. 30.

According to the Korea Development Institute, the country‘s housing construction for 2017 is likely to grow by 15.5 percent, but the expansion rate will slow to between 1.3 percent and 2.9 percent next year.

The institute said the housing construction sector’s contribution to overall economic growth will consequently weaken to between 0.1 percentage point and 0.2 percentage point next year, from 1 percentage point in 2016 and 0.7 percentage point in 2015.

By Alex Lee and newswires (alexlee@heraldcorp.com)