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SKorea's 3rd-quarter economic growth revised down

(Agencies)
Updated: 2008-12-02 10:45

SEOUL, South Korea -- South Korea's economic growth was slower in the third quarter than originally estimated, the central bank said Tuesday, further evidence that Asia's fourth-largest economy is being hit by the global meltdown.

Security guards stand in front of the gate at the GM Daewoo plant in Bupyeong, South Korea, Monday, Dec. 1, 2008. GM Daewoo Auto & Technology Co. said that production at its No. 2 plant in the city of Bupyeong stopped Tuesday as planned and will not resume until Jan. 5, said Park Hae-ho, a company spokesman. [Agencies]

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Gross domestic product grew 3.8 percent in the three months ended Sept. 30 compared with the same period last year, revised down from the preliminary 3.9 percent expansion announced in October, the Bank of Korea said.

The bank also said that the economy expanded 0.5 percent in the third quarter from the previous three months, down from October's estimate of 0.6 percent growth.

Economists have been lowering their 2009 growth estimates for South Korea given its exposure to the global economic slowdown as a major exporting nation. The economy is expected to slow considerably, with some even predicting it could experience its first contraction in more than a decade.

The official revision to third-quarter economic growth came one day after the government announced that exports fell in November by the most in nearly seven years and automakers took steps to cut production as vehicle demand slumps amid the weak global economy.

Exports dropped 18.3 percent in November from the same month last year to $29.26 billion, the Ministry of Knowledge Economy said. Imports fell 14.6 percent to $28.97 billion for a trade surplus of $297 million.

The ministry cited economic doldrums overseas related to the world financial crisis for the decline in exports. Falling prices for crude oil and other natural resources reduced the value of imports.

The ministry said that exports of South Korean auto-related products slumped 30.8 percent in November.

The November fall in exports was the biggest since December 2001 when they slid 20.4 percent, according to Kang Myung-soo, a ministry official.

Separately, the South Korean unit of General Motors Corp. began an extended production shutdown at one of its four domestic plants.

Production at GM Daewoo Auto & Technology Co.'s No. 2 plant in the city of Bupyeong, near Seoul, stopped Monday as planned and will not resume until Jan. 5, according to Park Hae-ho, a company spokesman. GM Daewoo plans to close down three other plants from Dec. 22 through Jan. 4.

The company is South Korea's third-largest automaker, trailing Hyundai Motor Co. and Kia Motors Corp.

Hyundai, meanwhile, said Monday it was slashing overtime for the first time since 1998.

Spokesman Ki Jin-ho said that the company had decided there was no need for overtime work and weekend shifts in December at six of the company's seven plants in South Korea amid weak overseas and domestic demand.