South Korea’s economy grows at fastest clip in nearly 2 years

SEOUL, South Korea – South Korea’s economy expanded at its fastest clip in nearly two years during the third quarter.

Bank of Korea said Thursday that the economy grew 3.3 per cent over the same period a year earlier, the fastest rate since the fourth quarter of 2011.

From the previous quarter, Asia’s fourth-largest economy expanded 1.1 per cent, the same rate as the previous quarter. Before March, South Korea’s economy expanded less than 1 per cent for two years.

The central bank said export growth was weaker in the third quarter but construction investment led growth.

Capital expenditures turned higher in the July-September period after shrinking for more than a year thanks to increased spending on autos and transportation equipment.

The bank said the economic recovery is uneven between the country’s top companies and small firms.