Anchor: The South Korean economy expanded one-point-two percent in the third quarter, marking the fastest quarterly increase in 18 months buoyed by a recovery in exports and domestic consumption. The government, in response, signaled it may revise up its growth outlook this year to the one-percent range from zero-point-nine percent.
Choi You Sun reports.

Report: South Korea’s economy grew one-point-two percent in the third quarter, driven by strong exports and a rebound in domestic consumption.

Preliminary data from the Bank of Korea(BOK) released Tuesday showed that real gross domestic product(GDP) rose one-point-two percent during the July-to-September period from the previous quarter.

The figure marks the largest quarterly growth in 18 months, since the first quarter of last year, when the economy also expanded one-point-two percent.

The third-quarter growth was supported by gains in private consumption and exports, which rose one-point-three percent and one-point-five percent, respectively.

Kim Jae-hoon, a senior official at the finance ministry, assessed that the growth rate is expanding after a turnaround in the second quarter following the inauguration of a new president.

The official signaled the government may revise this year's outlook to the one-percent range, from the current zero-point-nine percent.

Kim 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.
Choi You Sun, KBS World Radio News.