Seoul. 26 Oct. INTERFAX – the South Korean Economy in the third quarter grew at a record pace over the past seven years amid global demand for electronics.
The country’s GDP increased by 1.4% compared with the previous quarter, according to preliminary data the Bank of Korea. The last time a similar rate of increase was recorded in the second quarter of 2010 is 1.7%.
In annual terms, growth in the July-September accelerated to 3.6% from 2.7% in the previous three months.
Exports in the third quarter increased by 6.1%, after falling 2.9% in April-June. Exports account for about 40% of the country’s economy. Meanwhile, consumer spending growth slowed to 0.7% from 1%.
The South Korean government forecasts economic growth in 2017 at 3% of the maximum for three years.