SEOUL, Oct. 25 ( Yonhap ) - South Korea's economy grew in the third quarter , the fastest pace in more than two years due to improving domestic demand and the recovery of investment in facilities, he said , this Friday, the Bank of Korea ( BOK , according to its acronym in English) .
According to the BOK , the gross domestic product ( GDP), which is the broadest measure of economic performance , rose 1.1 percent in the third quarter compared with the previous quarter , after expanding at the same rate in the second quarter, which marked the fastest quarterly growth since the 1.3 percent increase qoq recorded in the first quarter of 2011 .
In the period from July to September the economy grew by 3.3 percent year on year , following an increase of 2.3 percent in the second quarter compared with the same period last year.
The data are attributed to that , last Wednesday , Minister of Strategy and Finance , Oh Hyun - seok , said the local economy is showing signs of escaping the trend of low growth, expressing optimism about the growth momentum .
The BOK said above, it is likely to reach quarterly growth of around 1 percent each quarter during 2014 , maintaining its growth estimate for 2013 at 2.8 percent.
However, recently revised down its 2014 growth forecast from 4 to 3.8 percent , citing the continuing negative impact risks .
The BOK froze in October its key interest rate at 2.5 percent, the fifth consecutive month in May after making the first interest rate cut in seven months, saying that downside risks to the risks soterraron upside for growth, citing as negative factors for the South Korean economy, uncertainties about the reduction of quantitative easing by the U.S. Federal Reserve and the volatility of oil prices.
