South Korea’s economy grew at a slower pace of 0.4 per cent in the third quarter (Q3) from the previous quarter, slightly missing market expectations, preliminary central bank estimates showed on Thursday.
The median forecast from a Reuters survey of 26 economists was for South Korea’s gross domestic product to expand by a seasonally adjusted 0.5 per cent in the July-September period in sequential terms, following a 1.0 per cent gain in the second quarter.
The Bank of Korea’s estimated Asia’s fourth-largest economy grew 2.0 per cent for the three months ended Sept. 30 from a year earlier, compared with 2.1 per cent growth tipped in the poll and 2.0 per cent expansion in the second quarter.
Private consumption, which generates nearly half of South Korea’s gross domestic product, rose 0.1 per cent in the third quarter on-quarter, down from a 0.7 per cent rise set in the April-June period.