With economic recovery losing some steam, South Korea’s economic growth for the third quarter is expected to remain in the mid-zero percent range like it had in the second quarter.
 
According to the Finance Ministry, Bank of Korea and private economic institutions on Monday, the nation’s economy, in the third quarter, is expected to post growth of between half a percent and zero-point-seven percent, or similar to the zero-point-six percent growth posted in the second quarter.
 
In the first quarter, the economy saw growth in the one percent range for the first time in six quarters thanks to improved investment in construction and equipment as well as surge in exports.
 
However, economic growth slipped to zero-point-six percent in the following quarter due to a base effect and a drop in both production and consumption.
 
Such growth is unlikely to see a major change in the third quarter as production and consumption are unsteady and as investment in equipment has dropped.
 
According to the Bank of Korea, the nation’s economy needs to post a growth of zero-point-77 percent in the third and fourth quarters in order to achieve the annual target growth of three percent.