SEOUL, Dec. 1 (Xinhua) -- South Korea's GDP growth was revised up for the third quarter, raising hope for economic recovery amid the COVID-19 pandemic, central bank data showed Tuesday.
The revised figure for real GDP, adjusted for inflation, expanded 2.1 percent in the July-September quarter from the previous quarter, according to the Bank of Korea (BOK).
It was up 0.2 percentage points from the preliminary GDP announced in late October, reflecting upgraded readings for facility investment, construction investment and private consumption.
The real GDP contracted 1.3 percent in the first quarter and 3.2 percent in the second quarter respectively amid an economic fallout from the COVID-19 pandemic.
The third-quarter turnaround raised expectations for economic recovery, but the fourth-quarter outlook remained bleak due to the COVID-19 resurgence in November.
Export, which accounts for about half of the export-driven economy, jumped 16.0 percent in the third quarter from the previous quarter thanks to a partial recovery in global demand.
Private consumption, the other engine of the economy, was unchanged in the third quarter from three months ago, but it was revised up by 0.1 percentage point compared to the preliminary figure.
Facility investment advanced 8.1 percent during the July-September quarter, 1.4 percentage points higher than the preliminary reading.
Investment in the construction sector diminished 7.3 percent in the quarter, but it was 0.5 percentage points higher than the earlier announcement. Enditem
