South Korea recession ends as exports increase


SEOUL: South Korea’s economy returned to growth in the third quarter, recovering from its sharpest contraction in more than 10 years, as the government pushed through stimulus measures and its biggest trading partners eased coronavirus restrictions.
Asia’s fourth-largest economy grew by a seasonally adjusted 1.9 per cent in the September quarter compared with the April-to-June period, the Bank of Korea said on Tuesday, logging its fastest expansion since the first quarter of 2010.
That reverses a 3.2 per cent decline in the second quarter, which was the sharpest since 2008 and beats a median forecast of analysts polled by the Reuters news agency of a 1.7 per cent growth rate.
On a year-on-year basis, the economy shrank by 1.3 per cent in the third quarter. – Reuters