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South Korea’s Q3 economic growth revised up to 1.3%

by ChemOrbis Editorial Team -
  • 04/12/2015 (15:03)
According to data released by South Korea’s central bank, the country’s gross domestic product (GDP) grew 1.3% on a seasonally adjusted basis in the July-September period, posting the fastest growth rate since the second quarter of 2010. The revised quarterly growth rate exceeded the earlier estimations of 1.2% for Q3 as well as the growth rate of 0.3% posted in the second quarter of 2015. On a yearly basis, South Korea’s economy expanded 2.7% in the third quarter, beating the initial estimate of 2.6% growth.

The revised growth rate was attributed to the government’s stimulus measures, such as reducing taxes for large purchases and loosening regulations for home buyers, following the outbreak of the Middle East Respiratory Syndrome (MERS) in May. However, economists are skeptical about whether the growth will be sustainable as it was fully driven by government stimulus, which will expire soon.

Meanwhile, South Korea’s exports declined for the 11th consecutive month in November, falling 4.7% from a year earlier.
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