SEOUL, South Korea (AP) — South Korea has reported that its economy grew at a slower annual pace during the July-September period as slumping domestic investment negated modest gains in consumption and exports.
The Bank of Korea said Thursday the country’s gross domestic product grew at a 2 percent annual pace in July-September, down from 2.8 percent in the previous quarter.
The central bank last week cut its economic growth forecast for the year to 2.7 percent from 2.9 percent, citing sluggish investment and job creation and risks posed by trade tensions between the United States and China.
Asia’s fourth largest economy has struggled to improve a decaying employment outlook and tame notoriously high house prices that have contributed to rising household debt that is discouraging consumer spending and construction.
