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S.Korea's real GDP grows 0.7 percent in Q3

Xinhua, October 25, 2016 Adjust font size:

South Korea's real gross domestic product (GDP) grew 0.7 percent in the third quarter due to weak manufacturing activity caused by Samsung Electronics' Galaxy Note 7 discontinuation and partial strikes of labor union in local carmakers, central bank data showed on Tuesday.

Seasonally adjusted figure for real GDP amounted 377.95 trillion won (332.59 billion U.S. dollars) in the July-September period, up 0.7 percent from the previous three-month period, according to the Bank of Korea (BOK).

It was down from a 0.8 percent expansion tallied in the second quarter, staying below 1 percent for four straight quarters. Except for the 1.2 percent growth in the third quarter of last year, the real GDP increased less than 1 percent since the second quarter of 2014.

From a year ago, the third-quarter real GDP expanded 2.7 percent, down from a 3.3 percent expansion in the second quarter.

The slower economic growth followed Samsung's global recall in early September of 2.5 million Galaxy Note 7 smartphones that faced discontinuation in the end in October.

Workers in Hyundai Motor and its affiliate Kia Motors, the country's top two automakers, went on partial strikes during the July-September period, helping drag down production in the manufacturing sector. Endit