BOK: GDP Grows Just 2% in 2012

Write : 2013-03-26 08:39:49 Update : 2013-03-26 10:58:40

BOK: GDP Grows Just 2% in 2012

The Bank of Korea says South Korea’s gross domestic product (GDP) grew only two percent last year.

The central bank unveiled the three-year low figure on Tuesday, noting private consumption contracted and investment toward construction and facilities was sluggish despite a rise in exports last year.

The bank noted that South Korea's GDP grew three-point-seven percent in 2011 compared to 2010.

The bank said that the nation’s GDP grew eight-tenths of a percent from the previous quarter in the first quarter in 2012, three-tenths of a percent in the second quarter, and three-tenths of a percent in the fourth quarter. It didn't grow in the third quarter.

Each of the quarterly figures, with the exception of the second quarter figure, was one-tenths of a percentage point lower than initial projections.

The bank added that the nation’s gross national income per capita grew 257 dollars to 22-thousand-708 dollars last year.

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