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S Korea's GDP growth hits 7-year high in Q3

(Xinhua)
Updated: 2009-10-26 13:55

SEOUL: The South Korean economy marked the fastest on-quarter gross domestic product (GDP) growth rate in the third quarter of 2009, thanks to improving domestic demand and strong exports, the central bank said Monday.

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According to an advance estimate by the Bank of Korea (BOK), the country's GDP increased by 2.9 percent during the July-September period from three months ago, compared with a 2.6 percent growth tallied in a quarter earlier.

The figure marked the highest since the first quarter of 2002 when the GDP advanced at 3.8 percent on quarter.

The South Korean economy during the same period grew 0.6 percent, compared with a year ago, which is the first on-year growth in four quarters.

According to an official at the BOK's economic statistics division, the private sector pulled up the economy in the third quarter.

If domestic economic activity continues to improve along with the global economy remaining at the current recovery phase, the South Korean economy may not contract this year, compared to 2008, the official forecasted.

"The economic growth rate may surpass the 5-percent level on- year in the fourth quarter," he added.

The BOK earlier projected that the local economy may contract 1. 6 percent in 2009.