Korean economy hits the buffers on growth
October 28, 2010
http://joongangdaily.joins.com/article/view.asp?aid=2927647
*buffer 완충지대
Korea’s economy slowed sharply in the third quarter,
indicating a loss of momentum that is likely to extend into next year.
The Bank of Korea reported that the gross domestic product grew 0.7 percent in the July-September period from the second quarter, when the economy achieved a quarter-on-quarter rate of 1.4 percent.
On an annual basis, the economy grew by 4.5 percent in the third quarter, according to the preliminary estimate.
*preliminary 예비의
Even with the slowing pace of growth, the central bank said the economy
will likely have a full-year growth rate of 6 percent
because of a recovery in private consumption.
Exports, which account for about half of the GDP, gained 1.9 percent on-quarter in the third quarter after expanding 7 percent in the second quarter.
Private spending accelerated to a 1.3 percent on-quarter growth rate from 0.8 percent in the preceding quarter.
*preceding 이전의
Facility investment expanded 6.3 percent after rising 9.1 percent in the second quarter, and construction investment went up 1.5 percent after contracting 3.6 percent in the second quarter.
설비투자 건설투자
Strong domestic demand is expected to increase inflationary pressure, with consumer inflation likely to surpass 3 percent in the fourth quarter, the central bank said.
Hwang In-sung, a researcher at the Samsung Economic Research Institute, said that growth had been affected by sluggish exports in the auto and semiconductor sectors, which could continue until at least the first quarter of next year.
Most economists believe that the latest data shows that Korea is entering a period of slower growth,
“Although the pick-up in private spending is encouraging, the effects of government stimulus spending that earlier boosted growth are fading away and the slowing global economy is expected to reduce exports,” said Yoo Byung-kyu, an analyst at Hyundai Research Institute.
Nomura, the Japanese investment bank, estimates that Korea’s growth rate will contract by 0.1 percent in the fourth quarter, but will rebound to 1.3 percent growth in the first quarter of next year.
“Weaker exports and a slump in housing activity, along with inventory adjustment, will likely result in a slight decline in the fourth quarter GDP,” said Kwon Young-sun, senior economist at Nomura International, yesterday.
Kim Dong-hwan, a Hi Investment & Securities analyst, said growth recovery is possible because of renewed U.S. quantitative easing.
Capital Economics, a U.K. economic consultancy, said that growth “will probably stay on a slower track in the coming quarters.
Exports and manufacturing will be held back by prolonged weak growth in the West, while local domestic demand will be subdued by
the relatively high level of private sector debt.”
prolonged 지속되는 오래된
subdue 진압하다 가라앉히다
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