SEOUL, Nov. 10 (Xinhua) -- South Korea's economy will be in a recovery track thanks to continued export expansion and the effect from the implementation of supplementary budget, a government report said Friday.
The finance ministry said in a monthly economic assessment report, called Green Book, that exports and production continued a growth trend on the back of the global recovery.
It said private consumption, which had been sluggish, rebounded recently, forecasting that the economy would be in a recovery track due to the continued export growth and the implementation effect of the extra budget.
From August to October, the report said the recovery was not solid, but it changed the phrase into the economy to be in a recovery track.
It was attributable to robust economic growth in the third quarter. The country's real gross domestic product (GDP) grew 1.4 percent in the July-September quarter from three months earlier.
The GDP result boosted expectations for this year's economic growth to surpass 3 percent, the growth forecasts of both the government and the central bank.
Production in the mining and manufacturing industries kept rising for three months through September. Retail sales, which reflect private consumption, rebounded in September, after falling in the previous month.
Discount outlet sales increased 1.7 percent in October from a year earlier, with gasoline and diesel sales increasing 3.4 percent.
Exports, which account for about half of the economy, maintained an upward momentum for 12 months to October thanks to strong demand for major export items such as semiconductors, ships and oil products.
