AFP, Seoul :
A massive recall of Samsung smartphones and strikes at Hyundai Motor took a toll on South Korea’s economy in the third quarter, with the slowest growth in more than a year.
Asia’s fourth-largest economy expanded 2.7 percent on-year in July-September-the weakest pace since the second quarter of 2015 — the central Bank of Korea (BOK) said Tuesday.
“Growth in manufacturing slowed considerably as halted production of Samsung’s Galaxy Note 7 and strikes at Hyundai Motor hit overall production, consumption and exports of the auto and smartphone industries,” said Chung Kyu-Il, a director at the BOK.
“Losses linked with the Note 7… may have further impact on the fourth-quarter growth as well,” he said. The BOK estimates this year’s growth outlook at 2.7 percent.
