SEOUL: South Korea’s economy expanded 1.2 per cent in the third quarter, lifted by strong exports and a surge in consumption following government-issued spending vouchers, preliminary data from the Bank of Korea showed yesterday.
Private consumption grew 1.3 per cent, marking the fastest pace in three years, as President Lee Jae Myung’s
administration distributed 150,000 won (US$104) vouchers per person to spur spending. GDP rose 1.7 per cent year-on-year.
Analysts said growth could ease once the voucher programme ends in November. “Consumption is likely to cool as the temporary boost fades,” said Capital Economics’ Shivaan Tandon.
Exports rose 1.5 per cent quarter-on-quarter, driven by record semiconductor sales in September. – AFP
