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South Korea’s Q3 GDP grows at slower pace, misses forecast -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Truck drives among shipping containers at Incheon port, Incheon (South Korea), May 26, 2016.REUTERS/Kim Hong Ji

SEOUL (Reuters) – South Korea’s third quarter GDP grew slower than expected, as strong exports were outweighed by low domestic demand, construction, and investment in facility projects, according to data released Tuesday by the Bank of Korea.

From three months ago, the September quarter gross domestic product (GDP), grew a seasonally adjusted 0.3%. It was slower than the 0.8% increase in the prior quarter and missed the median 0.6% growth tipped by Reuters.

Asia’s fourth largest economy grew 4.0% in the third quarter compared to a year ago. This is a sharp decline from the 6.0% growth in the second quarter which was the most rapid in a decade. This compares with the 4.2% increase in survey results.

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