Seoul: South Korea's economy expanded at the fastest pace in nearly four years in the third quarter, buoyed by strong exports and improving private consumption. The real gross domestic product (GDP) rose 1.3 percent in the July-September period from the previous quarter, 0.1 percentage point higher than the earlier estimate, according to preliminary data from the Bank of Korea (BOK).

According to Qatar News Agency, the reading marked the fastest quarterly expansion since the fourth quarter of 2021, when the economy grew 1.6 percent. It also accelerated from a 0.7 percent on-quarter rise in the second quarter and exceeded the BOK's prior projection of 1.1 percent, according to South Korea's News Agency (Yonhap).

On an on-year basis, the economy expanded 1.8 percent in the third quarter, a sharp pickup from the 0.6 percent growth recorded in the second quarter. The BOK said domestic demand and net exports contributed 1.2 percentage points and 0.1 percentage point, respectively, to the third-quarter economic growth.