(MENAFN- Qatar News Agency) South Korea's economic growth reached a five year high in the third quarter thanks to a strong rebound in domestic demand, central bank data showed Friday.
The economy grew 1.2 % on-quarter in the July-September period, the first time in five quarters that growth exceeded the 1 % mark, according to the preliminary data by the Bank of Korea (BOK).
This is the highest reading since 1.7 % growth tallied in the second quarter of 2010.
Consumer spending has rebounded as the impact of the Middle East Respiratory Syndrome (MERS) outbreak has receded, the central bank said, adding that increased investment in the construction sector contributed to the solid growth in the gross domestic product.
From a year earlier, Asia's fourth-largest economy expanded 2.6 %, also growing at a faster pace compared with the 2.2 % on-year gain reported for the second quarter. The rebound is the first in five quarters.
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