The Financial Express

South Korea's real GDP grows 0.6pc in third quarter

| Updated: November 21, 2018 20:40:29

File Photo (Collected) File Photo (Collected)

South Korea's real gross domestic product (GDP) grew 0.6 per cent in the third quarter from the previous quarter, central bank data showed Thursday.

The GDP growth rate fell from 1.0 per cent in the first quarter to 0.6 per cent in the second quarter and the identical figure in the third quarter, according to the Bank of Korea (BOK).

The third-quarter number was in line with market expectations, reports Xinhua.

The country’s export, which accounts for about half of the economy, advanced 3.9 per cent, leading the third-quarter expansion.

Private consumption, another growth engine of the economy, added 0.6 per cent, posting the modest increase.

However, facility investment in the East Asian country declined 4.7 per cent in the quarter, keeping the downward trend for two quarters in a row.

Investment in the construction sector tumbled 6.4 per cent in the third quarter from three months earlier, recording the fastest reduction since the second quarter of 1998.

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