Like most industrialized economies, Korea suffered significant setbacks during the late-2000s recession that began in 2007. Growth fell by 3.4% in the fourth quarter of 2008 from the previous quarter, the first negative quarterly growth in 10 years, with year on year quarterly growth continuing to be negative into 2009. Most sectors of the economy reported declines, with manufacturing dropping 25.6% as of January 2009, and consumer goods sales dropping 3.1%. Exports in autos and semiconductors, two critical pillars of the economy, shrank 55.9% and 46.9% respectively, while exports overall fell by a record 33.8% in January, and 18.3% in February 2009 year on year. As in the 1997 crisis, Korea's currency also experienced massive fluctuations, declining by 34% against the dollar. Annual growth in the economy slowed to 2.3% in 2008, and was expected to drop to as low as −4.5% by Goldman Sachs, but South Korea was able to limit the downturn to a near standstill at 0.2% in 2009.