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December 5, 2009

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Home » Business » Economy

S. Korean economy grows 3.2%

SOUTH Korea's economy expanded 3.2 percent in the third quarter, the central bank said yesterday, a better performance than initially estimated amid stronger growth in manufacturing, exports and services.

The revised figure for the three months ended September 30 compared with the previous quarter remains the country's strongest growth in more than seven years since an expansion of 3.8 percent in the first quarter of 2002, according to Bank of Korea figures.

The bank said in October that Asia's fourth-largest economy had grown 2.9 percent. The latest estimate is based on more complete data.

The 3.2 percent figure equates to annualized growth of 13.6 percent, according Lim Ji-won, an economist at JPMorgan in Seoul. The BOK does not provide an annualized number.

The stronger quarterly growth adds to mounting evidence that South Korea is recovering from the global economic slowdown.


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