GDP Jumps by 12.3 % in Third Quarter Compared to 1998"s

The gross domestic product(GDP) of Korea during the third quarter of this year jumped by 12.2 percent over the same period last year.
This figure is the highest increase since the first quarter of 1988.
According to a report released on November 22 by the Bank of Korea(BOK), Korea's GDP during the third quarter of this year soared by 12.3 percent from the previous year, while the GDP increased by 9.9 percent in the second quarter of this year over the same period last year.
A source at BOK said, 'Although these figures better reflect last year's stagnant economic situation, domestic businesses are growing fast. The substancial GDP growth rate will be about 9 percent this year.'
The BOK explained that fears of over-consumption are not warranted, as exports and facility investments led the GDP growth.
Notably, the manufacturing sector's output, including semi-conductors and automobiles, increased by 26.8 percent, while facility investment jumped by 48 percent.
Kang Joo-an : jooan@joongang.co.kr