Seoul: The Republic of Korea’s economy expanded at the fastest pace in 1-1/2 years in the third quarter, supported by solid exports and rising private consumption, central bank data showed Tuesday. Real gross domestic product (GDP), a key gauge of economic growth, rose 1.2 percent in the July-September period from the previous quarter.
According to Emirates News Agency, the growth marked the fastest quarterly expansion since the first quarter of 2024, when the economy also grew 1.2 percent. This figure indicates an increase from a 0.7 percent on-quarter rise in the second quarter. The third-quarter growth also surpassed the Bank of Korea’s (BOK) expectation of a 1.1 percent gain.
On an annual basis, the economy expanded 1.7 percent in the third quarter, accelerating from a 0.6 percent increase in the previous quarter. The BOK projected Asia’s fourth-largest economy to expand 0.9 percent this year and 1.6 percent in 2026. The central bank is expected to release a revised outlook in November.