The Republic of Korea’s economy grew at a slower rate in the thirdquarter than in the previous quarter, with the recovery pace losingmomentum under the influence of a stronger local currency, the centralbank said on October 27.
According to the Bank of Korea (BOK), the RoK posted a 0.7 percentquarter-on-quarter growth for its gross domestic product (GDP) duringthe July-September period.
The nation's GDP in thesecond quarter recorded growth of 1.4 percent compared with theJanuary-March period and 7.2 percent over the same period last year.
The slowdown in the reviewed period came amid the country’s wonclimbing as much as 7.2 percent against the U.S. dollar, according tothe BOK.
The strong currency hit the country'sexport sector, driving down the quarter-on-quarter export growth rate to1.9 percent from a 7 percent gain three months ago.
Private consumption, on the other hand, rose by 1.3 percent,accelerating from a 0.8 percent growth marked for the second quarter.This was also the first increase in private consumption following the1.7 percent rise recorded in the third quarter last year.
With respect to facilities investment, the country scored a 6.3percent expansion, but the growth pace lost steam compared with aquarter ago, when the figure grew 9.1 percent.
Thedata came after the BOK forecast slower economic growth for thecountry’s economy in the second half, after its 7.6 percent year-on-yeargrowth in the first half of the year./.
According to the Bank of Korea (BOK), the RoK posted a 0.7 percentquarter-on-quarter growth for its gross domestic product (GDP) duringthe July-September period.
The nation's GDP in thesecond quarter recorded growth of 1.4 percent compared with theJanuary-March period and 7.2 percent over the same period last year.
The slowdown in the reviewed period came amid the country’s wonclimbing as much as 7.2 percent against the U.S. dollar, according tothe BOK.
The strong currency hit the country'sexport sector, driving down the quarter-on-quarter export growth rate to1.9 percent from a 7 percent gain three months ago.
Private consumption, on the other hand, rose by 1.3 percent,accelerating from a 0.8 percent growth marked for the second quarter.This was also the first increase in private consumption following the1.7 percent rise recorded in the third quarter last year.
With respect to facilities investment, the country scored a 6.3percent expansion, but the growth pace lost steam compared with aquarter ago, when the figure grew 9.1 percent.
Thedata came after the BOK forecast slower economic growth for thecountry’s economy in the second half, after its 7.6 percent year-on-yeargrowth in the first half of the year./.
