South Korea’s economic growth revised up in Q3

December 6th, 2011 - 2:25 pm ICT by IANS  

Seoul, Dec 6 (IANS) South Korea’s economic growth was revised up to 0.8 percent in the third quarter due to brisk exports and rising government expenditures, the central bank said Tuesday.

Real gross domestic product (GDP), the broadest measure of economic performance, expanded 0.8 percent in the third quarter from three months earlier, up from a preliminary estimate of a 0.7 percent gain, according to the Bank of Korea (BOK).

From a year earlier, the real GDP grew 3.5 percent during the July-September period, up from a previous estimate of 3.4 percent, reported Xinhua.

“Exports showed a firm picture in the third quarter, but, domestic demand weakened, leading to slower growth. We will closely watch the movement of domestic demand,” Jung Yung Taek, director of BOK’s national accounts division told reporters.

Exports of goods grew 1.6 percent on-quarter in the third quarter, up 0.2 percentage points from the preliminary estimate. Imports advanced 1.5 percent over the cited period, down 0.3 percent points from the previous figure announced in late October, reported Xinhua.

Private consumption sustained it rising trend, but was revised down due to lower-than-expected retail sales in September. Consumption in the private sector grew 0.4 percent for three months ended Sep 30 compared with the previous period.

Government expenditures expanded 1.4 percent during the July-September period from three months earlier, up from a 0.8 percent on-quarter expansion the previous quarter.

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