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(UPDATE) S KOREAN ECONOMY GROWS 1.3 PCT IN Q3.
(ATTN: UPDATES with quotes, oil prices in paras 4,5; ADDS more details in last two paras)
SEOUL, Dec 3 Asia Pulse - South Korea's economy expanded a revised 1.3 per cent in the third quarter from three months earlier, down from an earlier 1.4 per cent estimate, mainly on slower-than-expected private consumption growth amid a dip in facility and construction investments, the central bank said Monday.
According to the Bank of Korea (BOK)'s preliminary report, the gross domestic product (GDP) growth in the July-September period decelerated from a 1.8 per cent gain in the second quarter. From a year earlier, the third-quarter GDP rose 5.2 per cent, matching last month's advance estimate.
GDP, 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 economy has so far expanded 4.7 per cent, more than the initial forecast of 4.5 per cent," said Ahn Kil-hyo, head of the central bank's economic statistics division. "Due to rising oil prices, the country's trade loss will increase in the fourth quarter."
The price of Dubai crude oil, South Korea's benchmark, surged 57.5 per cent this year to hit a record-high US$90.10 a barrel as of last Monday.
"The economy expanded amid resilient exports and a continued growth in private consumption despite a drop in facility and construction investments," the central bank said in the report.
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