ⓒKBS News

According to the advance estimate released by the Bank of Korea on Thursday, the economy grew point-six percent in the third quarter from three months ago. With that increase, the nation’s gross domestic product was estimated at 400-point-two trillion won.

The economy expanded one percent in the first quarter, but slowed to a point-six percent rise in the second quarter.

Reasons for the slowdown were similar to the second quarter.

While exports continued to enjoy brisk growth thanks to active shipments of semiconductors and consumption posted steady growth, investment in construction and equipment continued to slip.

Exports increased three-point-nine percent and private consumption grew point-six percent, while investment in construction plunged six-point-four percent, hitting a 20-year low not seen since the second quarter of 1998.

Facility investment also shrank four-point-seven percent, posting a decrease for the second consecutive quarter.

Compared to the same period last year, the third quarter saw growth of two percent, or the lowest in nine years.

A central bank official said that when considering the level of potential growth, economic growth in the mid-zero percent range does not signify a slump.

In order to meet the BOK's two-point-seven percent growth outlook for this year, the economy must expand by more than point-82 percent in the fourth quarter.

The bank official suggested that that goal is achievable, saying that government investments, which had been put off in the third quarter, will likely be executed in the fourth quarter and the effects of slashing individual consumption tax will begin to show in the last quarter of this year.