Domestic economic growth in the third quarter this year was only 0.9%. It recorded 4.6% during the same quarter last year, but, according to an economics expert, it is estimated that gross domestic product declined 0.2% compared to last year. It is uncertain whether domestic consumption can increase or not.

According to the report ‘Substantial Gross Domestic Product in the Third Quarter of 2006’ released by the Bank of Korea, substantial gross domestic product in the third quarter increased 0.9% compared to last year. The reported says that there was 4.6% growth in the domestic economy in the third quarter, compared to the same quarter last year.

The report analyzed that sluggishness of civic consumption and a lack of construction investment were the main factors that negatively influenced economic growth.

The report also forecast that the decline will continue, proving that the growth of GDP has been declining from last year on.

However, the growth rate of construction investment recorded 2.3% growth, in particular in the sector of civic engineering. The report analyzed that a growing aggravation of trade conditions, the rise of international oil prices and instability in the foreign exchange market played major negative roles in increasing substantial amounts of trade loss.

입력시간: 2006. 10.26. 09:41