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Korea's GNI grows 0.2% in Q3

Updated: 2013-12-05 PM 2:37:35 (KST)
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Korea's gross national income, which is a gauge of the population's purchasing power, rose a mere zero.2 percent in the third quarter from a quarter earlier -- the slowest pace of expansion in 18 months.
This slower growth comes despite the nation's economy expanding at its fastest pace in nearly two years, growing 3.3 percent in the July to September period from a year earlier.
The Bank of Korea partly blames the low income growth on the so-called "base effect" stemming from the recent gain in Korea's gross national income that has been speeding up over the last two quarters.
The central bank added that the Korean economy is showing signs of recovery but at a feeble pace.

"Overall, third quarter growth comes from domestic demand, especially from the rise in investments in construction and private spending."

The Korean economy also expanded 1.1 percent in the third quarter from a quarter earlier, when it gained at the same pace.
The economy's quarter-on-quarter growth remained below one percent for more than two years until early this year.
Adding on to that cautious optimism, global investment banks say they expect the Korean economy to grow at a faster pace next year compared to this year.
A Bloomberg survey of 17 financial institutions forecast Korea's economy growing 3-and-a-half percent next year from the 2.7 percent estimated for 2013.
The projection is in line with an overall rosy outlook for the United States and Europe.
Kwon So-a, Arirang News.

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