SEOUL, July 3 (Xinhua) -- The South Korean government on Wednesday revised down this year's growth outlook to 2.4-2.5 percent on external uncertainties that were forecast to cause weak export and facility investment.
The growth outlook was down 0.2 percentage points compared with the figure estimated six months ago, according to the Ministry of Economy and Finance.
The country's real gross domestic product (GDP), adjusted for inflation, expanded 2.7 percent last year.
The downward revision was attributed to external uncertainties such as the global trade dispute and the downturn in business cycle of the global semiconductor industry.
Export, which accounts for about half of the export-driven economy, was predicted to diminish 5 percent this year from the previous year. It was down from a 3.1 percent expansion estimated six months earlier.
Outlook for facility investment was downgraded from a 1 percent growth to a 4 percent reduction in the cited period.
Private consumption, another main growth engine of the economy, was projected to go up 2.4 percent in 2019, but it was down 0.3 percentage points six months earlier.
