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Economy

South Korea rebounds from COVID recession on export recovery

GDP grows 1.9% in third quarter, but service sector remains weak

SEOUL -- The South Korean economy rebounded from a COVID-induced recession in the third quarter as demand for exports grew following the relaxing of lockdowns in the region.

Asia's fourth-largest economy grew a seasonally adjusted 1.9% during the July-September period from the previous quarter, the Bank of Korea said Tuesday. That's a faster pace than the 1.7% median forecast of 12 economists polled by Reuters, and compares with a 3.2% fall in April-June -- the sharpest contraction since 1998.

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