South Korea virus response underpins sharp GDP jump

South Korea virus response underpins sharp GDP jump

South Korea has reported its sharpest quarterly gross domestic product rise in a decade as Seoul reaps the rewards from its swift response to the coronavirus pandemic and robust tech exports.

Asia’s fourth-biggest economy and a bellwether for regional trade, is now poised for a faster return to growth than economists and analysts had expected.

In the three months to the end of September, South Korea’s economy grew 1.9 per cent from the second quarter. That marked a rebound from two consecutive contractions in the first six months of the year and the steepest quarterly increase since early 2010 in the wake of the global financial crisis, Bank of Korea preliminary data showed on Tuesday.