South Korea’s economy grew at a faster pace than initially estimated last quarter, as greater investment boosted the country’s rebound from its pandemic-driven slump.
Gross domestic product increased a revised 2.1% in the third quarter from the previous three months, the Bank of Korea reported Tuesday, compared with 1.9% in earlier calculations. Analysts had expected the reading to be unchanged.
The revision comes after the central bank last week raised its forecast for the full year, projecting a 1.1% contraction that was less smaller than seen in August. More investment and construction were among reasons for the upward revision to last quarter’s growth figure, the bank said Tuesday.
South Korea’s shipments have been recovering in recent months, as Covid-related demand boosted its tech sales and the economy in China, its largest trade partner, continued to gain momentum. Exports probably increased 7.5% in November from a year earlier, the biggest gain since 2018, according to economists’ estimate before official data due later Tuesday.
From a year earlier, the economy contracted 1.1% last quarter, unchanged from the previous estimate.
— With assistance by Jiyeun Lee