South Korea economy returns to growth in Q3 as stimulus kicks in
29 Octobre, 2020, 23:44 | Auteur: Auguste Feret
Last quarter's export recovery fuelled the biggest increase in facilities investment since 2012, led by spending on machinery and transportation equipment, the BOK said.
South Korea's economy is coming back from its pandemic-triggered recession in a stronger position than most developed nations.
"While this would be the worst performance since 1998, it would still make Korea one of the best performing economies in the world this year", he said. A late summer resurgence of coronavirus cases in South Korea that led to tighter social distancing rules has eased in recent weeks and President Moon Jae-in has said the country should seize the chance to restart its recovery. The government resumed the distribution of discount coupons - halted during the second virus wave - to encourage spending, and is promoting an annual shopping event in early November to accelerate the recovery.
Private consumption, another growth engine of the economy, fell 0.1 per cent in the third quarter from three months earlier.
According to the Bank of Korea (BOK), the daily standard trading of foreign currencies reached USD49.56 billion in the July-September quarter, dropped 4.7 percent, or USD2.46 billion from the past quarter. If the fourth-quarter GDP expands over 0.4 per cent on a quarterly basis, the BOK's growth outlook could be revised up from the August estimate, the BOK noted.
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It has promised to shed more than US$10 billion (S$13.7 billion) this year in project spending and cut operating expenses 15%. The company lost almost $1.7bn in the first six months of the year and is expected to post another quarterly loss on Friday.
Shortly after the data was released, Finance Minister Hong Nam-ki said the nation's economy is on the road to recovery, helped by robust growth in exports.
South Korea's exports are expected to decrease 3.12 percent on-year in October after enjoying a brief rebound the previous month, due mainly to the resurgence of new coronavirus cases around the globe.
"The rising second wave outbreak in developed-market economies is concerning", Rory Green, an economist at research firm TS Lombard, said before the GDP announcement.
Meanwhile, the construction sector was not as buoyant, though there were some signs that factory production is improving with manufacturing sector output up 7.6 percent from the second quarter. Keep comments relevant to the article. Final decision will be at the discretion of the Taipei Times.
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