Korea’s GDP grows 1% in third quarter

The Republic of Korea’s economy grew 1 percent in the third quarter from a quarter earlier, driven by strong exports and investment, central bank data showed Tuesday.

The country’s real gross domestic product (GDP), a key measure of economic growth, rose 1 percent in the July-September period from three months earlier, according to advance data from the Bank of Korea (BOK).

The third-quarter reading marked an increase from the previous quarter’s 0.6 percent expansion and exceeded the BOK’s earlier forecast of 0.3 percent made in August.

On a year-on-year basis, the economy grew 3.4 percent in the third quarter, slowing slightly from 3.7 percent in the second quarter.