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S.Korea's Q3 GDP revised up to 1.3 percent

Xinhua, December 3, 2015 Adjust font size:

South Korea's gross domestic product (GDP) was revised up by 0.1 percentage point to 1.3 percent, central bank data showed Thursday.

Real GDP increased 1.3 percent in the third quarter from three months earlier, up from a preliminary figure of 1.2 percent, according to the Bank of Korea (BOK).

It marked the highest in more than five years since the second quarter of 2010 when the economy expanded 1.7 percent.

The brisk growth stemmed from upbeat housing market conditions and the government's measures to stimulate private consumption.

Production in the construction sector jumped 5.6 percent in the third quarter compared with the previous quarter, marking the highest growth in six and a half years.

Private consumption rose 1.2 percent thanks to solid demand for goods and services.

Real gross national income (GNI) gained 1.5 percent in the third quarter from three months earlier after falling 0.1 percent in the second quarter.

Concerns remained over the economy due to sluggish exports, which dipped 0.6 percent in the third quarter from three months earlier.

Worries lingered about the so-called "consumption cliff," which means a sharp reduction in private consumption from next year when the government's consumption stimulus measures disappear.

Upbeat housing market bolstered the growth, but massive household debts and housing glut are expected to dampen the real estate market conditions. Enditem