S Korea reports weakest GDP growth

24 January, 2020 12:00 AM printer

SEOUL: South Korea reported its lowest gross domestic product growth in a decade, central bank figures, adjusted for inflation, revealed on Wednesday.

The country’s real GDP was up 2 percent last year, after increasing 3.2 percent in 2017 and 2.7 percent in 2018 respectively, the Bank of Korea disclosed, report agencies.

It was South Korea’s lowest growth since 2009 when its actual GDP figures moved up 0.8 percent on the negative impact brought about by tensions in the Middle East and other global financial crises.

Analysts said that South Korea’s 2019 GDP growth fell under the projected growth target of 2.5-2.7 percent for the economy.

South Korea’s economic slide was primarily linked to a disruption in global trade and weakness in the global microchip market that created a huge dent in the country’s exports for the 13th straight month through December.