By Kwanwoo Jun
South Korea’s economy expanded at a faster-than-expected pace in the third quarter as exports rebounded sharply, remaining on track for recovery.
Gross domestic product in Asia’s fourth-largest economy grew 0.6% on-quarter during the July-September period, the same pace of growth in the second quarter, preliminary Bank of Korea data showed Thursday. That was above the consensus forecast of 0.5% growth.
Year-on-year, the economy expanded 1.4% in the third quarter, beating the consensus forecast of 1.1% growth, after the prior quarter’s 0.9% growth.
The latest readings showed a strong rebound in exports led by semiconductors, machinery and equipment. Both government spending and private consumption improved though they still remained feeble, while facility investments decreased.
The central bank maintains its growth outlook in August that the South Korean economy will expand 1.4% for 2023. It projects 2.2% growth in 2024.
Write to Kwanwoo Jun at [email protected]
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