October 23, 2019 / 11:03 PM / 4 months ago

South Korea GDP grows 0.4% in Q3, slightly missing forecast

SEOUL, Oct 24 (Reuters) - South Korea’s economy grew at a slower pace of 0.4% in the third quarter from the previous quarter, slightly missing market expectations, preliminary central bank estimates showed on Thursday.

The median forecast from a Reuters survey of 26 economists was for South Korea’s gross domestic product to expand by a seasonally adjusted 0.5% in the July-September period in sequential terms, following a 1.0% gain in the second quarter.

The Bank of Korea’s estimated Asia’s fourth-largest economy grew 2.0% for the three months ended Sept. 30 from a year earlier, compared with 2.1% growth tipped in the poll and 2.0% expansion in the second quarter.

Private consumption, which generates nearly half of South Korea’s gross domestic product, rose 0.1% in the third quarter on-quarter, down from a 0.7% rise set in the April-June period. (Reporting by Joori Roh and Choonsik Yoo; Editing by Sandra Maler)

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