South Korea’s economic growth slowed in the third quarter as strong exports were offset by weak domestic consumption owing to the country’s tough Covid restrictions.
Gross domestic product rose 0.3 per cent in the July-September period compared with the second quarter, missing a 0.6 per cent growth forecast in a Reuters survey. The economy grew at 0.8 per cent in the second quarter.
Exports rose 1.5 per cent in the third quarter from the previous three months while private consumption fell 0.3 per cent. Analysts, however, said the economy would probably regain momentum thanks to the country’s rapid vaccination rollout.
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