The domestic economy expanded in the third quarter, confirming its preliminary projection announced in October, amid a COVID-19 resurgence and supply shortages.

According to the Bank of Korea(BOK) on Thursday, the country's gross domestic product(GDP) adjusted for inflation grew point-three percent in the third quarter, compared with the preceding three months.

The GDP posted growth for the fifth consecutive quarter but slowed its pace from one-point-seven percent in the first quarter to zero-point-eight percent and zero-point-three percent in the ensuing quarters.

Private consumption and investment in facilities and construction all declined, while exports remained strong, expanding one-point-eight percent on-quarter.

An official from the central bank said growth in the fourth quarter will have to be at least one-point-03 percent for the country to post an annual growth of four percent this year.

The BOK gave a rather rosy outlook for private spending in the October to December period, citing a recent improvement in consumer sentiment and rise in credit card spending.

Still, it warned uncertainties will remain high due to the emergence of the new omicron variant, saying the global transmission of the variant and quarantine responses will likely impact inflation and growth.