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S. Korea's economy returns to positive growth in Q3 as pandemic-caused trade slump eases

All News 08:00 October 27, 2020

By Kim Deok-hyun

SEOUL, Oct. 27 (Yonhap) -- South Korea's economy returned to modest growth in the third quarter, marking the first quarterly expansion since the coronavirus pandemic began, as exports showed signs of improvement, the Bank of Korea (BOK) said Tuesday.

In the July-September period, the nation's real gross domestic product (GDP) grew 1.9 percent from the previous quarter, when it shrank 3.2 percent, according to the BOK data.

Compared with a year ago, however, the economy, Asia's fourth largest, contracted 1.3 percent, the BOK said.

During the third quarter, exports grew by 15.6 percent, as overseas shipments of automobiles and semiconductors expanded, the BOK said.

Although the pandemic-caused trade slump eased as advanced nations lifted lockdown measures, domestic spending was still weak because of a resurgence of the new coronavirus in mid-August.

Last month, South Korea saw exports rebound for the first time in seven months as major trade partners gradually resumed their business activities amid the pandemic.

Outbound shipments came to $48 billion last month, up 7.7 percent from $44.6 billion posted a year earlier.

This file photo, taken June 4, 2020, shows stacks of import-export cargo containers at South Korea's largest seaport in Busan, 450 kilometers southeast of Seoul. (Yonhap)


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