Welcome to Tuesday!
South Korea economy goes down in the fourth-quarter
In the last quarter the South Korean economy suddenly dived because struggling car exporters along with industrial output didn’t manage to keep up last quarter's dashing tempo, reporting its worst performance since 2008.
In October, an 10-day Chuseok autumn holiday affected fourth-quarter industrial output. The same is true for a tumble in car exports, which pared the profits from flourishing overseas exports of computer memory chips.
Hyundai Motor as well as its Kia Motors affiliate told that 2017 shipments turned to be a million cars below their 8.25 million objective after struggling with competitiveness and also trade issues.
Aside from that the Bank of Korea told that GDP went down by a seasonally updated 0.2% in the fourth quarter, declining from bumper surge of 1.5% in the third quarter that happened to be the fastest expansion for seven years.
The South Korean economy managed to expand 3% from 2017, stepping down from 3.8% surge in the September quarter.
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