Reuters Kim Hong-Ji
Data from the Bank of Korea, the central bank of South Korea, showed that the country’s economy returned to growth in the third quarter of the year after retreating due to restrictions imposed to prevent the spread of the Corona virus.
The bank’s data, published today, Tuesday, indicated that South Korea’s gross domestic product (GDP) increased in the third quarter of this year by 1.9% over the second quarter, which is the fastest economic growth for the country since 2010.
This comes after the South Korean economy declined by 3.2% in the second quarter of the year.
Compared to last year’s indicators, South Korea witnessed in the third quarter an economic contraction of 1.3% compared to the results of the same period of 2019.
It is reported that South Korea’s economy is the fourth largest in Asia, and it began to recover after the most important trading partners of Seoul began to lift restrictions on the economy that had been imposed due to the Corona virus epidemic.