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South Korean exporters hit by the sluggish global economy
INDUSTRIAL production slowed sharply in South Korea in March, official data showed yesterday, as the weak global economy hit the country’s exporters.
Output growth slowed to just 0.3 per cent on the year to March, far below the 2.2 per cent forecast by economists.
Production fell 0.3 per cent in the month to March, compared with 0.6 per cent growth in the month to February.
Falling demand from the EU was a major shock at the end of 2011, and analysts believe exports to China may help shore up the sector through 2012.
However, that is far from certain to come about, and so the central bank may ease further to boost growth.