SEOUL, Oct. 27 (Xinhua) -- South Korea's gross domestic product (GDP) recorded the first rebound in three quarters amid a lingering uncertainty over the COVID-19 pandemic, central bank data showed Tuesday.
Real GDP, adjusted for inflation, grew 1.9 percent in the July-September quarter from the previous quarter, according to the Bank of Korea (BOK).
It was the first turn-around in three quarters from the contractions of 1.3 percent in the first quarter and 3.2 percent in the second quarter respectively.
The GDP recovery was led by a rebound in export, which accounts for about half of the South Korean economy.
Export jumped 15.6 percent in the third quarter from three months earlier, after slumping 16.1 percent in the second quarter.
The outbound shipment raised the real GDP by 3.7 percentage points during the July-September quarter.
Outlook for the fourth-quarter GDP was blurred by the COVID-19 resurgence in Europe and the United States that would curtail the export of South Korea.
According to the BOK's estimate in August, the country's real GDP was forecasted to decline 1.3 percent in 2020.
If the fourth-quarter GDP expands over 0.4 percent on a quarterly basis, the BOK's growth outlook could be revised up from the August estimate, the BOK noted.
South Korean Minister of Economy and Finance Hong Nam-ki told a meeting on economic affairs that the economy got back into a recovery track with an export rebound coming from a recovery in major economies such as China and demand for locally-made tech products.
The GDP of China, South Korea's biggest trading partner, advanced 4.9 percent year over year in the third quarter, higher than the 3.2-percent growth in the second quarter, according to data from China's National Bureau of Statistics.
Hong, however, noted that uncertainties remained such as the COVID-19 resurgence across the globe and the U.S. presidential election scheduled for early November.
Private consumption, another growth engine of the economy, fell 0.1 percent in the third quarter from three months earlier.
The consumption fall was attributable to the COVID-19 resurgence here in August and September, caused by church services and a massive rally by conservative voters in central Seoul on Aug. 15.
To contain the virus spread, the government tightened its social-distancing guidelines and discouraged people from doing outside activities such as shopping, traveling and eating out.
The prolonged rainy season and a series of typhoons also negatively influenced the consumer spending.
Facility investment went up 6.7 percent in the third quarter from the prior quarter, but investment in the construction sector shrank 7.8 percent.
Import expanded 4.9 percent on demand for crude oil and chemical products. Enditem
