South Korea's Q3 GDP falls by 1.3% amid lower exports, manufacturing

Author: Nurluqman Suratman

2020/10/27

SINGAPORE (ICIS)--South Korea's economy fell by 1.3% year on year in July-September this year, improving from the 2.7% contraction in the second quarter, amid a drop in exports and manufacturing, the Bank of Korea said on Tuesday.

Manufacturing slipped by 1.0% year on year in the third quarter while exports were down by 3.7%, the central bank said in a statement.

Construction was down by 2.2% year on year in the third quarter while the services sector contracted by 1.5%.

On a quarter-on-quarter seasonally adjusted basis, South Korea's economy grew by 1.9%, reversing the 3.2% and 1.3% contractions in the previous two quarters.

Exports on a quarter-on-quarter basis was up by 15.6%, reversing the 16.1% contraction in the previous quarter.

Manufacturing expanded by 7.6% in July-September over the previous quarter, reversing the 8.9% contraction in the April-June this year.