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S. Korea's economy grows faster than estimated at 2.1 pct in Q3: BOK

All News 08:00 December 01, 2020

SEOUL, Dec. 1 (Yonhap) -- South Korea's economy expanded at a faster-than-estimated pace in the third quarter on the back of a modest recovery in exports amid the coronavirus pandemic, central bank data showed Tuesday.

The country's real gross domestic product (GDP) grew 2.1 percent in the July-September period from the previous quarter, according to the data from the Bank of Korea (BOK).

The reading marks a slight increase from an earlier estimate of a 1.9 percent on-quarter expansion estimated in October and compares with a 3.2 percent contraction in the second quarter, the data showed.

From a year earlier, the nation's economy shrank 1.1 percent in the third quarter, compared with a 2.7 percent on-year contraction in the previous quarter.

Last week, the BOK held its policy rate unchanged at a record low of 0.5 percent, while slightly revising up this year's economic outlook.

Driven by signs of a gradual recovery in exports, the BOK revised up this year's economic growth outlook to a 1.1 percent contraction, compared with a previous forecast of a 1.3 percent retreat.

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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