South Korea's Q3 GDP grows at slower pace, misses forecast

SEOUL : South Korea’s economy grew at a slower pace in the third quarter, as robust exports were offset by weak domestic demand and construction and facility investments, data from the Bank of Korea showed on Tuesday.

Gross domestic product (GDP) grew a seasonally adjusted 0.3per cent in the September quarter from three months earlier, slowing from 0.8per cent growth in the preceding quarter and missing a median 0.6per cent growth tipped in a Reuters survey.

From a year earlier, Asia’s fourth-largest economy expanded 4.0per cent during the third quarter, down sharply from a 6.0per cent expansion in the second quarter, which was the fastest in a decade. That also compares to a 4.2per cent rise seen in the survey.

(Reporting by Joori Roh; Editing by Chris Reese)


See also  Rand Paul becomes first US senator to test positive for virus

Leave a Reply