Anchor:  The South Korean economy hit a seven-year high in the third quarter making it likely that the nation's economic growth will surpass the government's target of three percent this year.
Kim In-kyung has more.
 
Report: South Korea's economy hit a seven-year high in the third quarter propelled by strong exports. 
 
According to advance estimates by the Bank of Korea on Thursday, the country's gross domestic product(GDP) reached 392-point-67 trillion won in the July-September period, up one-point-four percent on-quarter.
 
The economy grew three-point-six percent, from a year earlier.
 
With the strong gains, the nation's economic growth is almost certain to surpass the government's target of three percent this year. Even if growth remains flat in the fourth quarter, the annual growth rate will still reach three-point-one percent.  
 
Exports and government spending drove growth in the third quarter. Led by semiconductors and autos, overseas shipments grew at the fastest pace in six and a half years, increasing more than six percent over the previous quarter.  
 
Government spending rose two-point-three percent, the fastest in five years, as the government implemented a supplementary budget and job projects. 
 
Despite the rosy picture, the pace of recovery in private consumption remains feeble.
 
Consumer demand inched up point-seven percent in the third quarter, dropping below one percent again. The central bank noted that consumption is gradually recovering, citing year-on-year growth of two-point-four percent. 
Kim In-kyung, KBS World Radio News.