South Korea's economy rebounded and grew nearly two percent in the third quarter after contracting for two straight quarters due to the economic fallout of the COVID-19 pandemic.

According to the Bank of Korea on Tuesday, the country's real gross domestic product(GDP) expanded one-point-nine percent in the July to September period from the previous quarter. 

It marks the first on-quarter growth after it contracted one-point-three percent in the first quarter and three-point-two percent in the second.

In August, the central bank projected the economy will shrink one-point-three percent this year. To meet that target, the GDP growth should reach at least the mid-one percent level in the third and fourth quarter. 

Compared to a year ago, the economy contracted one-point-three percent in the third quarter, slowing from an on-year contraction of two-point-seven percent in the second quarter. 

Exports jumped 15-point-six percent on-quarter in the third quarter, while private consumption dropped point-one percent.