S Korea economy bounces back on pick-up in exports

28 October, 2020 12:00 AM printer

SEOUL: Asia’s fourth-largest economy returned to quarter-on-quarter growth in the July to September period, South Korea’s central Bank of Korea announced Tuesday.

The South largely overcame an early coronavirus outbreak through an intensive track-and-test model, and everyday life in the country has returned largely to normal, reports AFP.

It is now widely expected to see one of the least bad 2020 economic performances among the OECD group of developed economies.

Gross domestic product expanded 1.9 percent in the third quarter over the previous three months, the BOK said, although the economy still shrank 1.3 percent on-year.

The quarter-on-quarter figure represented a significant improvement on the 3.2 percent contraction in April-June and was the best since the first three months of 2010.