The Republic of Korea’s economy grew at a slower rate in the third quarter than in the previous quarter, with the recovery pace losing momentum under the influence of a stronger local currency, the central bank said on October 27.

According to the Bank of Korea (BOK), the RoK posted a 0.7 percent quarter-on-quarter growth for its gross domestic product (GDP) during the July-September period.

The nation's GDP in the second quarter recorded growth of 1.4 percent compared with the January-March period and 7.2 percent over the same period last year.

The slowdown in the reviewed period came amid the country’s won climbing as much as 7.2 percent against the U.S. dollar, according to the BOK.

The strong currency hit the country's export sector, driving down the quarter-on-quarter export growth rate to 1.9 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 the 1.7 percent rise recorded in the third quarter last year.

With respect to facilities investment, the country scored a 6.3 percent expansion, but the growth pace lost steam compared with a quarter ago, when the figure grew 9.1 percent.

The data came after the BOK forecast slower economic growth for the country’s economy in the second half, after its 7.6 percent year-on-year growth in the first half of the year./.