emirates7 - The Republic of Korea’s economy expanded at its fastest pace in nearly four years during the third quarter, buoyed by strong exports and improving private consumption, central bank data showed Wednesday.
The real gross domestic product (GDP) rose 1.3 percent in the July-September period from the previous quarter, 0.1 percentage point higher than the earlier estimate, according to preliminary data from the Bank of Korea (BOK).
The reading marked the fastest quarterly expansion since the fourth quarter of 2021, when the economy grew 1.6 percent. It also accelerated from a 0.7 percent on-quarter rise in the second quarter and exceeded the BOK's prior projection of 1.1 percent.
On an on-year basis, the economy expanded 1.8 percent in the third quarter, a sharp pickup from the 0.6 percent growth recorded in the second quarter, reported Yonhap News Agency.
In its latest outlook released last week, the central bank raised its growth projection for this year by 0.1 percentage point to 1 percent. For 2026, it forecast a 1.8 percent expansion.
The real gross domestic product (GDP) rose 1.3 percent in the July-September period from the previous quarter, 0.1 percentage point higher than the earlier estimate, according to preliminary data from the Bank of Korea (BOK).
The reading marked the fastest quarterly expansion since the fourth quarter of 2021, when the economy grew 1.6 percent. It also accelerated from a 0.7 percent on-quarter rise in the second quarter and exceeded the BOK's prior projection of 1.1 percent.
On an on-year basis, the economy expanded 1.8 percent in the third quarter, a sharp pickup from the 0.6 percent growth recorded in the second quarter, reported Yonhap News Agency.
In its latest outlook released last week, the central bank raised its growth projection for this year by 0.1 percentage point to 1 percent. For 2026, it forecast a 1.8 percent expansion.