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South Korea central bank: We don't see Samsung Note 7 issue hitting GDP growth

Thursday, October 13, 2016 - 14:44
4-39716301 - 02_09_2016 - SKOREA-SAMSUNG-IT-SMARTPHONE.jpg
The Bank of Korea said on Thursday that Samsung Electronic Co Ltd's decision to scrap its latest Galaxy Note 7 smartphone will not affect GDP growth this year, although there are risks.

[SEOUL] The Bank of Korea said on Thursday that Samsung Electronic Co Ltd's decision to scrap its latest Galaxy Note 7 smartphone will not affect GDP growth this year, although there are risks.

"From what we know Samsung produces 400 million phones a year and South Korea produces less than 30 million of them," said Chang Min, an official at the Bank of Korea.

"We can't say the economy won't be affected because the Note 7 is a premium phone, and some parts than others could have been produced at home. But we don't think this will bring down GDP growth."

REUTERS