S. Korea’s economy sees 4.6% growth in 2004
South Korea's economy grew 4.6% year on year in 2004, according to data released by the Bank of Korea. Sluggish domestic demand prevented the government from reaching its growth target of 5%. Per capita gross national income rose from $12'720 in 2003 to $14'162 last year as the Won gained strength against the US Dollar. The country's real gross domestic product saw a 3.3% rise in the fourth quarter of 2004, the lowest figure since recording 2.3% growth in the third quarter of 2003. Exports maintained strong growth, and corporate investment in plants and equipment increased. However, consumer spending and construction investment remained sluggish.