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S.Korea Q3 GDP grows 1.1 pct vs Q2, just above forecast

Thursday, 24 Oct 2013 | 7:00 PM ET

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SEOUL, Oct 25 (Reuters) - South Korea's economy grew a seasonally adjusted 1.1 percent in the July-September period over the previous quarter, the Bank of Korea estimated on Friday, just beating the market's consensus forecast and holding steady at an over 2-year high.

The median forecast from a Reuters survey of 16 analysts was for Asia's fourth-largest economy to expand by a seasonally adjusted 1.0 percent during the third quarter.

It matched growth of 1.1 percent recorded in the second quarter, when the trade-reliant economy posted the quickest growth since the first quarter of 2011.

Private consumption rose a seasonally adjusted 1.1 percent in the third quarter after rising 0.7 percent in the April-June period. Capital investment rose 1.2 percent following a 0.2 percent fall in the second quarter, the Bank of Korea's first official estimates showed.

In comparison to the third quarter of last year, South Korea's gross domestic product rose 3.3 percent, compared to a median 3.2 percent gain forecast in the Reuters survey and a 2.3 percent rise posted in the second quarter.

(Reporting by Christine Kim; Editing by Choonsik Yoo)