South Korea's growth slowest in more than 2 years

Staff Writer
Columbus CEO

SEOUL, South Korea (AP) — South Korea's quarterly growth slowed to the lowest in more than two years as a severe drought hit agriculture and an outbreak of Middle East respiratory syndrome sapped consumption.

The Bank of Korea said Thursday that South Korea's economy expanded 2.2 percent in the second quarter over a year earlier. That's the lowest since the first quarter of 2013.

Asia's fourth-largest economy eked out 0.3 percent growth from the previous quarter.

The bank said private consumption turned negative and agricultural output plunged.

Other areas of the economy including exports and private investment were also weak.