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October 26, 2009
SOUTH Korea's economy delivered a surprise in the third quarter, by growing at the fastest pace in more than seven years.
The pace adds to hopes that the recovery in Asia's fourth-largest economy is sustainable.
Gross domestic product in the three months through September rose a seasonally adjusted 2.9 per cent from the second quarter, the Bank of Korea said today. Growth accelerated from the second quarter, when the economy expanded 2.6 per cent on quarter.
The growth was the fastest since the first quarter of 2002, when GDP grew 3.8 per cent from the previous quarter.
From a year earlier, the economy rose 0.6 per cent in the third quarter, after contracting 2.2 per cent on year in the second quarter. On a year-on-year basis, GDP turned positive for the first time in four quarters.
Industrial output, led by chips and automobiles, posted robust growth in the third quarter, the central bank said.
Private consumption and facility investment also grew, contributing to growth.
The third-quarter performance beat market expectations.
Economists polled by Dow Jones Newswires had forecast a 2.1 per cent on-quarter rise and 0.2 per cent on-year decline.
SOUTH Korea's economy delivered a surprise in the third quarter, by growing at the fastest pace in more than seven years.
The pace adds to hopes that the recovery in Asia's fourth-largest economy is sustainable.
Gross domestic product in the three months through September rose a seasonally adjusted 2.9 per cent from the second quarter, the Bank of Korea said today. Growth accelerated from the second quarter, when the economy expanded 2.6 per cent on quarter.
The growth was the fastest since the first quarter of 2002, when GDP grew 3.8 per cent from the previous quarter.
From a year earlier, the economy rose 0.6 per cent in the third quarter, after contracting 2.2 per cent on year in the second quarter. On a year-on-year basis, GDP turned positive for the first time in four quarters.
Industrial output, led by chips and automobiles, posted robust growth in the third quarter, the central bank said.
Private consumption and facility investment also grew, contributing to growth.
The third-quarter performance beat market expectations.
Economists polled by Dow Jones Newswires had forecast a 2.1 per cent on-quarter rise and 0.2 per cent on-year decline.
