Fri, 27 Nov 2020

S.Korea's real GDP grows 1.9 pct in Q3

Xinhua
27 Oct 2020, 15:44 GMT+10

SEOUL, Oct. 27 (Xinhua) -- South Korea's real gross domestic product (GDP), adjusted for inflation, grew by 1.9 percent in the third quarter from the previous quarter, central bank data showed Tuesday.

It marked the first rebound in three quarters after contracting by 1.3 percent in the first quarter and 3.2 percent in the second quarter on a quarterly basis, according to the Bank of Korea (BOK).

The GDP recovery was led by a turnaround in export, which accounts for about half of the country's economy.

Export increased by 15.6 percent in the July-September quarter from the previous quarter, after falling by 16.1 percent in the April-June quarter.

Private consumption, another growth engine of the economy, fell by 0.1 percent in the third quarter from the previous quarter.

Investment in the construction sector reduced by 7.8 percent in the cited quarter.

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