Summary Box: SKorea's economic growth slows

AP News
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Posted: Oct 27, 2010 1:38 PM
Summary Box: SKorea's economic growth slows

LOSING STEAM: South Korea's economic growth slowed sharply in the third quarter. Gross domestic product expanded 0.7 percent, slowing from 1.4 percent growth in the previous quarter.

HISTORY LESSON: South Korea, Asia's fourth-largest economy, rebounded strongly from the worldwide downturn of 2008-2009, boosted by low interest rates, government stimulus spending and a relatively weak currency that helped exports. But global growth is now waning. Overseas shipments and manufacturing both slowed markedly in the third quarter.

THE BRIGHT SIDE: Despite the slowdown, South Korea's economy remains on track to grow about 6 percent in 2010, better than the 0.2 percent expansion in 2009.