South Korea's economic growth slowed in the first quarter as weaker manufacturing and capital spending overshadowed gains in exports, Bank of Korea figures indicated today.
The world's 11th-largest economy expanded 1.3 per cent in the January-March quarter from the previous quarter, when it grew 1.6 per cent, the central bank said.
Economists had expected 1.2 per cent growth.
Exports rose 2.6 per cent in the first quarter, up from the 1 per cent rise in the fourth quarter. Private consumption rose 1.2 per cent, accelerating marginally from the 1.1 per cent gain in the fourth quarter.
But manufacturing gained just 0.9 per cent from the previous quarter, down from the fourth quarter's 3.9 per cent increase. And capital spending - corporate investment in factories and equipment - declined 0.7 per cent, from a 4.2 per cent gain in the fourth quarter.
The South Korean won rose to its highest level against the US dollar in more than eight years yesterday. The dollar regained some ground on Tuesday, rising to 945 won from Monday's 939.8 won, which was its lowest close since October 1997.
AP