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SOUTH KOREAN CENTRAL BANK UPGRADES Q3 GROWTH RATE.
SEOUL, Dec 1 Asia Pulse - South Korea's central bank on Friday revised the third-quarter growth rate upward, citing stronger-than-expected growth in the manufacturing sector.
Asia's fourth-largest economy expanded 4.8 per cent in the July-September period from a year earlier, up from an initial estimate of 4.6 per cent made in October, according to the Bank of Korea. Compared with a quarter earlier, the economy grew 1.1 per cent, up from an initially estimated 0.9 per cent expansion.
Gross domestic product, the broadest measure of an economy's performance, is the total value of goods and services produced within the economy in a given period.
"The data has edged up, but the changes are relatively minor ones and we expect the downside risks to persist until the first half next year," said Lee Sung-kwon, an economist at Goodmorning Shinhan Securities. "At least for this year, however, the economy will expand around 5 per cent as widely expected."
The manufacturing sector grew at a faster-than-expected pace of 2.4 per cent in the third quarter from a quarter earlier, while the construction and service industries gained at a stronger-than-expected pace of 3.1 per cent and 0.6 per cent, respectively.
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Source: HighBeam Research, SOUTH KOREAN CENTRAL BANK UPGRADES Q3 GROWTH RATE.