S. Korea logs fastest on-quarter GDP growth in Q3 in G20

S. Korea logs fastest on-quarter GDP growth in Q3 in G20


It’s been a great Q3 for the nation. South Korea logged the largest on-quarter
increase in GDP growth rates in the G20. But according to our Song Ji-sun… the economy
may need a boost in order to carry the momentum through 2018. According to the OECD’s quarterly data on
Monday, real GDP in the G20 grew by 1.0% in the third quarter – the same rate as in the
previous quarter, but with wide variation across members. And out of the G20 members… South Korea logged the biggest improvement
in growth rates compared to the previous quarter – marking 1-point-5 percent growth, from zero-point-6
percent in the second quarter. Seoul is in third place in overall Q3 growth,
following China at 1.7 percent, and India at 1.6 percent. The OECD noted growth accelerated strongly
in Korea – and to a lesser extent in India and Germany. There were marginal increases in growth rates
in Italy and the United Kingdom, and growth rates were stable in Indonesia and the United
States. Other member nations like Turkey, Russia,
Canada, Brazil and Mexico saw lower growth rates than the previous quarter. Growth also weakened in Australia, South Africa,
China, Japan and France. While Seoul’s Q3 export figures were impressive
– they are widely attributed to the long thanksgiving holiday that began in October, forcing most
exporters to ship out their goods by the end of September. Experts speculate that the overall growth
rate for 2017 could top 3-percent, but may retreat back to the 2-percent range in 2018
– suggesting the need to boost domestic demand as a way to spur growth momentum. Song Ji-sun, Arirang News.

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