Healthy output highlights resilience

Home > Business > Economy

print dictionary print

Healthy output highlights resilience

테스트

Korea outpaced the average economic output of Organization for Economic Cooperation and Development member countries in the final quarter of last year, data showed yesterday, highlighting the country’s better than expected resilience to external economic risks.

The Korean economy expanded 3.4 percent on-year in the October-December period, compared with an average growth of 1.3 percent in other OECD member countries over the same period, data showed.

Average economic growth in the fourth quarter among members of the body was based on data from 19 member countries. In general, they experienced the slowest rate of economic growth in the last two years.

The mean rate of 1.3 percent was the lowest it had been since the final quarter of 2009, when they experienced a contraction of 0.7 percent in the wake of the U.S.-led financial crisis.

However, even as Korea’s economic growth slowed to a two-year low in the fourth quarter, its economic output was still the fourth-highest among the 19 member countries.

The fastest-growing OECD economy in the fourth quarter was Estonia, which expanded 5.2 percent on-year, followed by Israel with 3.9 percent and Mexico with 3.7 percent.

Although Korea posted slower on-year growth than in the previous quarter, Asia’s fourth-largest economy was good at coping with Europe’s public debt crisis and other external uncertainties, the data revealed.

Meanwhile, seven of the world’s major economies were found to have fallen below the OECD average in the same quarter due to the euro zone debt crisis and the slow recovery of the U.S. economy.

The average economic growth posted by the United States, Japan, England, France, Germany, Italy and Canada stood at 1 percent in the final three months of 2011, compared to the corresponding period one year earlier.

Some advanced economies, including Portugal, Japan, Italy and the Netherlands, shrank in the fourth quarter from a year earlier, hit by deepening sovereign debt problems.

The OECD forecast that the Korean economy will expand by 3.8 percent this year, outgrowing the global economy’s growth of 3.4 percent.

Yonhap

More in Economy

Average selling price of Seoul apartments hits 1 billion won

New legislation on online shopping proposed by FTC

Cash is truly king in time of coronavirus

When settling for a studio apartment is too expensive

Bill creates new rental protections for small businesses

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now