Korean Economy grows 0.4% in Q3

The South Korean economy expanded 0.4 percent from three months earlier in the third quarter as earlier estimated, the Bank of Korea said in its latest revision released Tuesday.

The third quarter growth estimate remained unchanged from preliminary figures released in late October despite slight upward revisions to consumer spending and overall exports as a large drop in construction investment offset the gains, it said.

Domestic spending grew 0.2 percent from three months earlier in the July-September period, revised up from a 0.1 percent gain, while exports grew 4.6 percent over the cited period, up 0.5 percentage point from the earlier projection.

Construction investment, on the other hand, contracted 6 percent over the cited period, down 0.8 percentage point from the earlier estimated 5.2 percent.

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