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S. Korea’s economic growth accelerates to 5-year high in Q3

by ChemOrbis Editorial Team -
  • 26/10/2015 (10:06)
According to preliminary data from the Bank of Korea, South Korea’s economic growth accelerated to a five-year high in the third quarter, growing 1.2% on a seasonally adjusted basis after posting a growth rate of 0.3% in the previous quarter. South Korea’s third quarter economic growth indicated the fastest expansion since the second quarter of 2010 while also exceeding economists’ expectations, which called for a growth rate of 0.9% in the third quarter. On a yearly basis, meanwhile, South Korea’s economy grew 2.6% in the July-September period after posting a growth rate of 2.2% in the second quarter.

The acceleration in the economy was driven by stronger private consumption stemming from the government’s stimulus measures and a temporary cut in taxes. In the second quarter, an increased number of MERS cases negatively affected consumer spending as people had refrained from heading to crowded areas like shopping centers. Private consumption rose 1.1% in the third quarter following a 0.2% fall in the second quarter.

However, South Korea’s exports continued to fall in the third quarter due to the slowing Chinese economy and lower external demand. Exports declined 0.2%, reversing an increase of 0.3% in the second quarter. According to some economists, growth momentum in the fourth quarter is unlikely to be sustainable if exports remain weak.
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