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S. Korea's economy grows estimated 0.3 pct on-quarter in Q3

All News 08:06 October 26, 2021

SEOUL, Oct. 26 (Yonhap) -- South Korea's economy is estimated to have grown 0.3 percent on-quarter in the third quarter, central bank data showed Tuesday, raising worries it will not be able to achieve an earlier projected growth outlook of 4 percent for this year.

The estimated quarterly economic growth slowed from a 0.8 percent gain tallied in the second quarter. From a year earlier, the economy grew 4 percent, according to data by the Bank of Korea.

In August, the BOK maintained its economic growth outlook at 4 percent for this year and has said that the projected growth can be achieved if the economy expands by more than 0.6 percent on-quarter in both the third and fourth quarters.

Private consumption declined 0.3 percent on-quarter in the third quarter, while investment in facilities and construction dropped 2.3 percent and 3 percent, respectively, over the same period, the data showed.

Exports rebounded 1.5 percent thanks to brisk overseas sales of coal, oil and machinery productions, while imports fell 0.6 percent over the cited period, according to the data.


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