The government signaled that it may revise this year's growth outlook to the one-percent range from its current zero-point-nine percent.

During a briefing at the government complex in Sejong City on Tuesday, Kim Jae-hoon, head of the ministry's economic policy bureau, said the economic growth rate is expanding after a turnaround in the second quarter due to recovery in sentiment following the inauguration of a new president.

The shift follows a third-quarter jump of one-point-two percent in gross domestic product, accelerating from zero-point-seven percent growth in the second quarter.

Kim said private consumption increased by its largest margin since the third quarter of 2022, due largely to improved sentiment, the government's consumption coupons and the vitalization of the stock market.

The official concluded that the economy is currently in a typical recovery phase, with domestic demand driving growth and exports rising alongside imports, adding that an economic rebound has become evident.

The government also expects foreign investors to continue picking up domestic shares, having purchased a net 20 trillion won, or 14 billion U.S. dollars, since June, concluding that recent policy measures have contributed to market momentum.