S. Korea's third quarter real GDP up 2.1% q/q: Bank of Korea

Arirang News 2020-12-01

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3분기 경제 성장률 2.1%…11월 수출 4.0%↑

Despite the surge in COVID-19 infections in recent months, the South Korean economy saw positive growth in the July to September period compared to the previous quarter.
The Bank of Korea also revised its real GDP growth upwards on bigger investments and private consumption.
Exports in November also outperformed the same month last year.
Eum Ji-young reports.
The South Korean economy has posted its first quarterly GDP growth of 2020.
"Third quarter real GDP growth was up two-point-one percent on-quarter,... point-two percentage points higher than the earlier estimate. Investments in equipment, construction and private consumption were also revised upwards."
The economy had previously shrunk,... by 1-point-3 percent in the first quarter and 3-point-2 percent in the second quarter.
The central bank says exports played a big part as they jumped 16 percent in the third quarter led by automobiles and semiconductors.
Production in manufacturing rose about 8 percent mainly on computers, electronics and optical products.
Real gross national income increased two-point-four percent compared to the quarter earlier after shrinking in the first and the second quarter.
Exports in November also rebounded.
According to the Ministry of Trade and Industry on Tuesday, exports in November stood at nearly 46 billion U.S. dollars,... up four percent on-year.
Ten staple exports products, including semiconductors, display, and home appliances, increased sharply.
Eum Ji-young, Arirang News.

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