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