South Korea GDP tacks on at the fastest pace in 7 years

South Korea GDP tacks on at the fastest pace in 7 years

The previous quarter South Korea's economy demonstrated the fastest surge for seven years because global demand for South Korean electronics more than compensated the influence of regional geopolitical strains on trade and also spurred hopes for an imminent interest rate hike.

The country’s GDP edged up 1.4% during the third quarter from last one, as preliminary numbers from the Bank of Korea revealed on Thursday, considerably surpassing the 0.8% forecast in a Reuters poll, marking the greatest leap since a 1.7% rally during the second-quarter of 2010. As a matter of fact, year-on-year surge managed to accelerate to 3.6% in the third quarter from the second quarter’s outcome of 2.7%, also confounding forecasts.

The upbeat numbers show that Asia's number fourth economy has been capable of brushing aside the impact of a diplomatic conflict between South Korea and China over an American missile defense system as well as wider concerns as for North Korean military provocations.

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