⁍ Asia’s fourth-largest economy grew a seasonally adjusted 1.9% in the September quarter from the June quarter.
⁍ That reverses a 3.2% decline in the second quarter, which was the sharpest since 2008.
⁍ S.Korea Q3 exports soars 15.6% Q/Q, a pace not seen since 1986.
– South Korea’s economy sprang back to life in the third quarter, growing 1.9% from the previous quarter—its fastest expansion since the first quarter of 2010, Reuters reports. That reverses a 3.2% decline in the second quarter, which was the sharpest since 2008, and beats a Reuters poll forecast of a 1.7% expansion. What’s more, exports soared 15.6% in the third quarter in sequential terms, rebounding the fastest since 1986 and reversing a 16.1% contraction in the second quarter. Construction investment was a drag, declining 7.8% on-quarter. On a year-on-year basis, the economy shrank 1.3%. Finance Minister Hong Nam-ki said the GDP data confirmed the growth trajectory was beginning ‘to normalize, which is important in that it encourages we can overcome the crisis.’ The government last month began rolling out the final of four extra budgets to inject a total of about $74.83 billion of fiscal stimulus. exports soared 15.6% in the third quarter in sequential terms, rebounding the fastest since 1986 and reversing a 16.1% contraction in the second quarter. The construction sector was not as buoyant, though there were some signs that factory production is improving with manufacturing sector output up 7.6% from the second quarter. Construction investment was a drag, declining 7.8% on-quarter, while private consumption fell 0.1%.
Source: https://www.reuters.com/article/southkorea-economy-gdp/update-2-south-korea-economy-returns-to-growth-in-q3-as-stimulus-kicks-in-idUSL4N2HH3BI