South Korea's economy grows at fastest rate for seven years
South Korea's economy grows at fastest rate for seven years:
Seoul, October 26,2009 - South korea's economy grew at its fastest pace for more than seven years in the third quarterm official figures showed monday, as Asia's economies lead the world out of its slump.
Gross domestic product rose 2.9 percent quarter-on-quarter in jUly-September and 0.6 percent compared with a year earlier, the central bank of korea said in an advance estimate.
The quarter-on-quarter growth was the country's fastest since 3.8 percet in january March 2002.
Asia's fourth largest economy had recorded a 2.6 percent gain quarter-on-quarter in April-June but the figure represented a 2.2 percent contraction year-on-year.
One a year-on-year basis, monday's figures showed that GDP tuned positive for the first time in four quarters.
"Industrial output, led by chips and automobiles, posted robust growth in the third quarter," the bank said in a statement. "Private consumption and facility investment also grew, contributing to growth."
Seoul, October 26,2009 - South korea's economy grew at its fastest pace for more than seven years in the third quarterm official figures showed monday, as Asia's economies lead the world out of its slump.
Gross domestic product rose 2.9 percent quarter-on-quarter in jUly-September and 0.6 percent compared with a year earlier, the central bank of korea said in an advance estimate.
The quarter-on-quarter growth was the country's fastest since 3.8 percet in january March 2002.
Asia's fourth largest economy had recorded a 2.6 percent gain quarter-on-quarter in April-June but the figure represented a 2.2 percent contraction year-on-year.
One a year-on-year basis, monday's figures showed that GDP tuned positive for the first time in four quarters.
"Industrial output, led by chips and automobiles, posted robust growth in the third quarter," the bank said in a statement. "Private consumption and facility investment also grew, contributing to growth."
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