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Galaxy Note recall hits South Korea's 3Q growth

6 years 1 month 1 day ago Monday, October 24 2016 Oct 24, 2016 October 24, 2016 9:26 PM October 24, 2016 in News
Source: Associated Press
By: APNewsNow

SEOUL, South Korea - South Korea's third-quarter economic growth has slipped to its lowest level in more than a year, with Samsung's Galaxy Note 7 recall having an impact.

The country's central bank said Tuesday that Asia's fourth-largest economy expanded 2.7 percent during the July-September quarter over a year earlier, the slowest pace since the second quarter of 2015.

From the previous quarter, the economy eked out a 0.7 percent growth. On a quarter-to-quarter basis, South Korea's economy grew less than 1 percent in the past year.

The Bank of Korea said the manufacturing sector declined because handset sales slumped after the Galaxy Note 7 recall.

Samsung Electronics recalled 2.5 million smartphones in September over battery defects. It stopped production earlier this month when its replacements for recalled phones also caught fire.

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