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As China has slowed, so have the surrounding economies. South Korea presents a good example.

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The percentage change from the previous quarter has been slowing down for the last 8 quarters, with a more pronounced slowdown over the last four. The big reason for this is the marked slowdown in investment, which has been negative in four of the last 5 quarters. This would have been fine had it not been for a big investment in facilities in 1Q12 - which is probably a one off figure.

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Also note that we see negative numbers in two key economic areas: manufacturing, which has printed negative growth in three of the last four quarters, and construction, which has also printed negative growth in three of the last four quarters.

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The year over year figures also highlight the slowdown. First, notice the overall YOY growth rate has slowed in each of the last three quarters, falling from 2.8% in the first quarter to 1.6 in the third. Second, note the accelerated slowdown in three key areas over the last three quarters: manufacturing, construction and exports.

These are not the kind of growth numbers any central bank wants to see for their economy.

Source: The Slowing South Korean Economy