Subscribe to our free daily newsletters
  Energy News  

Subscribe to our free daily newsletters

S. Korea's growth slows in Q2 amid falling exports
by Staff Writers
Seoul (AFP) July 27, 2017

South Korea's economic growth slowed in the past quarter, the central bank said Thursday, as a diplomatic row with top trading partner China over a US missile shield hit exports.

The figures come as South Korea struggles to shake off an extended economic slowdown, a key factor in the election of left-leaning new President Moon Jae-In in May, who has promised a massive fiscal stimulus package.

But second-quarter sales in the country's key automobile industry were hammered by a wave of Chinese boycotts, seen as economic retaliation to Seoul's agreement to a new US missile defence system, stalling any recovery.

Gross domestic product in Asia's fourth-largest economy grew by 0.6 percent in April to June from the previous quarter, when it expanded by 1.1 percent, the central Bank of Korea said.

The GDP expanded 2.7 percent from a year ago, also slowing from the 2.9 percent annual growth recorded in the first quarter.

Exports -- which account for about two fifth of the nation's economy -- shrank three percent from the previous quarter, the biggest quarterly drop in almost three years.

"Exports of cars declined in particular as their overseas sales fell, hurting sales of auto component makers as well," Chung Kyu-Il, director at the Bank of Korea, told reporters.

Major South Korean exporters including Hyundai -- the country's top carmaker -- have been hit by a wave of consumer boycotts in China and what they saw as economic retaliation by Beijing.

Diplomatic tension rose after Seoul deployed a powerful US anti-missile system to guard against threats by North Korea despite opposition by China that sees it as a threat to its own defence capability.

Beijing since then slapped a series of measures against South Korean firms and banned Chinese group tours to Seoul. Hyundai on Wednesday reported a 48-percent drop in its second-quarter profit amid plunging sales in China.

But increases in consumer spending and infrastructure investment helped offset falling exports, Chung said, adding consumer spending rose in the fastest pace since late 2015.

The upcoming launch of key handsets by major tech firms including Samsung are expected to boost exports and consumer spending later this year, Chung said.

Samsung -- South Korea's largest firm by value and the world's top smartphone maker -- is set to launch its new flagship handset, Galaxy Note 8, next month.

Chung maintained the country's growth outlook of 2.8 percent this year.

Seoul's finance ministry this week revised this year's outlook to 3 percent -- the fastest in three years -- citing the impact of a $10-billion stimulus package announced by newly-elected President Moon Jae-In.

China cashing out as mobile payment soars
Beijing (AFP) July 23, 2017
Yang Qianqian holds out her smartphone to scan a barcode on the mobile of a vendor selling fresh fruit and vegetables at a bustling outdoor market in Beijing. The dance student is part of an explosion in the use of mobile payment platforms in China as consumers increasingly take out phones instead of cash to pay for everything from a coffee to a language class or a gas bill. "Even though ... read more

Related Links
Global Trade News

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

India must rethink infrastructure needs for 100 new 'smart' cities to be sustainable

Sparkling springs aid quest for underground heat energy sources

Google's 'moonshot' factory spins off geothermal unit

Fighting global warming and climate change requires a broad energy portfolio

High-temperature superconductivity in B-doped Q-carbon

First direct observation and measurement of ultra-fast moving vortices in superconductors

Ultrathin device harvests electricity from human motion

Optimizing hydrogen-powered passenger ferries focus of Sandia Labs study

ABB wins $30 million order to support integration of offshore wind energy in the UK

GE's renewables not enough to boost overall revenue

Unbalanced wind farm planning exacerbates fluctuations

Algeria seen as African leader for renewable energy

Non-toxic alternative for next-generation solar cells

Measure adds Aerial Solar Plant Inspections to Drone Services Portfolio

India's ageing trains get green makeover with solar panels

Solar Toolkit Developed to Help Municipalities Advance Solar Projects

Underwater robot probes inside Fukushima reactor

Laser-Armed Nuclear Icebreakers: What Russia Has in Store for Arctic

Finland's TVO claims partial win in Areva nuclear dispute

Britain must leave EU nuclear body: Verhofstadt

Algae cultivation technique could advance biofuels

Fungi that evolved to eat wood offer new biomass conversion tool

How enzymes produce hydrogen

New biofuel technology significantly cuts production time

Militants hit Nigerian crude oil pipeline

TechnipFMC says error takes millions off first quarter figures

Supply and demand factors mean higher gas prices

Parts of petroleum sector bruised, Norway says

Dust deposits give new insights into the history of the Sahara

California extends tough climate policy measures to 2030

ADB warns climate change 'disastrous' for Asia

Scientists upgrade database tracking global temperatures across millennia

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement