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S. Korea's real GDP up 2.1% in Q3 q/q: Bank of Korea Updated: 2020-12-01 17:05:41 KST

The South Korean economy has posted its first growth this year in its real GDP.
According to the Bank of Korea, real GDP in the third quarter grew on quarter by two.one percent, which is two tenths of a percentage point higher than the BOK's previous estimate released in October.
The economy had previously shrunk by 1.3 percent in the first quarter and 3.2 percent in the second quarter.
The central bank says exports played a big part, jumping 16 percent on quarter led by automobiles and semiconductors.
Production in manufacturing rose about 8 percent mainly in computers, electronics and optical products.
For the whole of 2020, the Bank of Korea is forecasting growth of minus 1.1 percent.

"If the economy can grow in fourth quarter by four to eight tenths of a percent on quarter, then the projection of minus one.one percent growth for the year could be achieved."

And also, experts say, whether that forecast proves accurate will depend on how well COVID-19 can be controlled.

"To achieve an economic recovery, we need to avoid a further blow to the kind of consumption that requires face-to-face contact. A recovery in exports will be an important factor as well."

In November, there was also a rebound in exports.
According to the trade ministry, exports in November came to nearly 46 billion U.S. dollars, an on-year increase of four percent.
Among Korea's biggest exports, semiconductors were up 16.4 percent and displays were up 21.4 percent.
Eum Ji-young, Arirang News.
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