April 27, 2024

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[THE INVESTOR] Korea’s economic growth hit a seven-year record high in the third quarter, central bank data showed on Oct. 26.

In the July-September period, the country’s gross domestic product increased 1.4 percent from the previous quarter, faster than the previous quarter’s 0.6 percent on-quarter gain, according to preliminary data from the Bank of Korea.

The on-quarter growth is the fastest since the second quarter of 2010, when the economy rose 1.7 percent, the BOK said in a statement.

From a year earlier, Asia’s fourth-largest economy improved 3.6 percent.

The central bank data said increased government spending and construction investment, as well as a turnaround in exports, contributed to the economic growth.

Government spending increased by 2.3 percent in the third quarter, the highest since the first quarter of 2012, when it came to 2.8 percent.

Construction investment grew 1.5 percent, faster than the previous quarter‘s 0.3 percent on-quarter gain, the BOK said.

Exports -- one of the major pillars for the Korean economy -- grew a solid 6.1 percent, the highest since the first quarter of 2011, when outbound shipments advanced 6.4 percent.

By Alex Lee and newswires (alexlee @heraldcorp.com)