The economy grew zero-point-three percent in the third quarter from the previous quarter thanks to a rise in private consumption and facility investment.

The Bank of Korea on Thursday released the estimate on the country's gross domestic product(GDP) for the July-to-September period, which surpassed market expectations to post on-quarter growth for the ninth consecutive quarter after shrinking in the first and second quarters of 2020.

The on-quarter growth was driven by a one-point-nine percent increase in private consumption and a five-percent jump in facility investment.

Exports increased one percent during the cited period, turning around from a fall of three-point-one percent in the previous quarter. Imports, however, jumped by five-point-eight percent, about six times more than the exports.

The country's real gross domestic income also decreased one-point-three percent in the cited period.

The central bank earlier projected that the nation could achieve two-point-six percent growth this year if the economy grows between zero-point-one and zero-point-two percent in the third and fourth quarters.