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South Korea’s economy grows in Q3

by ChemOrbis Editorial Team - content@chemorbis.com
  • 24/10/2014 (11:10)
South Korea’s economic growth picked up in the third quarter of 2014, according to media reports. The Bank of Korea (BOK) stated that the country’s gross domestic product (GDP) increased 0.9% in the July-September period after posting a growth rate of 0.5% in the second quarter. The increase was in line with the initial forecasts in a Bloomberg survey. The rebound in GDP was attributed to an increase in public spending and revived consumption.

On a yearly basis, the country’s economy posted an increase of 3.2%, which points to a slower rate of increase compared to the 3.5% growth posted in the same period of the previous year.

The Bank of Korea cut its forecasts for 2014’s economic growth rate to 3.5% from to 3.8% in the beginning of October. The central bank also trimmed its growth estimates to 3.9% from 4.0% for 2015.
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