Anchor: The South Korean economy grew for the first time this year, thanks to an improvement in exports, mostly in automobiles and semiconductors. While authorities were hopeful the economy was on the track to recovery, they also cast concerns over signs of COVID-19's resurgence in Europe and the U.S.
Choi You Sun reports.

Report: The Bank of Korea(BOK) announced on Tuesday that the country's real gross domestic product(GDP) expanded one-point-nine percent on-quarter in the July to September period, marking the first time the GDP saw a quarterly growth in 2020.

Since the start of the COVID-19 outbreak in January, the economy contracted by one-point-three percent in the first quarter and three-point-two percent in the second quarter.

Outbound shipments, which posted a contraction of 16-point-one percent in the second quarter, the largest in 56 years, grew by 15-point-six percent as exports of automobiles and semiconductors expanded.

Domestic spending, however, declined point-one percent, reflecting a resurgence of the virus in mid-August.

Soon after the latest figures were released, Finance Minister Hong Nam-ki said the nation's economy is on the road to recovery, helped by robust growth in exports.

Hong also predicted the recovery momentum will continue in the fourth quarter thanks to eased social distancing that will help boost domestic consumption.

Park Yang-su, head of the BOK's economic statistics department, said the nation could exceed this year's growth target of minus one-point-three percent, as the economy needs to expand only by zero to zero-point-four percent in the fourth quarter to meet the target.

The official, however, said the pace of recovery may be moderate amid signs of renewed lockdowns in major economies due to the virus' resurgence.
Choi You Sun, KBS World Radio News.