The Republic of Korea’s economic growth hit a seven-year record high in the third quarter due to increased construction investment and exports (Source: VNA)Hanoi (VNA) – The Bank of Korea (BoK) has said that the Republic of Korea’s economic growth hit a seven-year record high in the third quarter due to increased construction investment and exports.
In the July-September period, the country’s gross domestic product (GDP) increased 1.4 percent from the previous quarter, the fastest growth since the second quarter of 2010 when the economy rose 1.7 percent, Yonhap news agency reported on October 26.
From a year earlier, the Asian fourth largest economy improved 3.6 percent.
The central bank data said increased government spending and construction investment, as well as exports significantly contributed to the economic growth.
Government spending increased by 2.3 percent in the third quarter, the highest since the first quarter of 2012.
Construction investment grew 1.5 percent, faster than the previous quarter's 0.3 percent, the BoK said.
Exports, one of the major pillars for the RoK economy, grew a solid 6.1 percent, the highest since the first quarter of 2011.-VNA
VNA
