SEOUL, – South Korea’s third-quarter economic growth was on par with the second quarter’s expansion, as exports and private spending rebounded, central bank data showed Thursday.

The country’s real gross domestic product — a key measure of economic growth — increased 0.6 percent on-quarter in the July-September period, according to preliminary data from the Bank of Korea (BOK).

The third-quarter expansion compares with the 0.6 percent on-quarter expansion in the second quarter and the 0.3 percent gain in the first quarter.

On a yearly basis, South Korea’s economy advanced 1.4 percent in the third quarter, following 0.9 percent growth for both the second and first quarters.

Asia’s fourth-largest economy has been on a recovery pace since it contracted 0.3 percent in the fourth quarter last year.

For the full year, the central bank expects the economy to grow 1.4 percent, down from a 2.6 percent expansion in 2022 and a 4.3 percent growth in 2021.

South Korea’s economy has been facing growing uncertainty amid worries over aggressive monetary tightening in major countries, including the United States, escalating geopolitical tensions, rising household debt and a slowdown in China’s economy, the country’s top trading partner.

The central bank held its key interest rate steady at 3.5 percent for the sixth straight time this month as it weighs a slowdown in growth amid moderating inflation.

The rate freezes came after the BOK delivered seven consecutive rate hikes from April 2022 to January 2023.

Source: Yonhap News Agency