Bank of Korea raises South Korea's outlook on strong exports

SEOUL, South Korea — South Korea's central bank said Thursday Asia's fourth-largest economy is likely to grow at a 3.0 percent annual pace this year, helped by strong exports.

Bank of Korea said South Korea's economic growth this year will be stronger than its earlier forecast of 2.8 percent growth in July. It was the bank's third upward revision this year. It said that in 2018, South Korea's economy will expand at a slightly slower pace of 2.9 percent.

Barring unforeseen setbacks, that would be South Korea strongest growth in three years.

The central bank attributed the upgrade to continued improvement in exports and increased capital expenditure. It said private consumption has recovered moderately and will likely pick up pace as the government implements more economic stimulus to boost spending.

Related News

Trump breaks ice with China's Xi in letter...

Feb 9, 2017

US-USA-TRUMP-CHINA:Trump breaks ice with China's Xi in letter seeking 'constructive' ties

New Zealand central bank shifts focus to external...

Feb 9, 2017

US-NEWZEALAND-CENBANK-ASSISTANTGOV:New Zealand central bank shifts focus to external risks:...

Philippine minister says mine closures in...

Feb 9, 2017

US-PHILIPPINES-MINING:Philippine minister says mine closures in watershed areas non-negotiable

Australian banks face renewed push for intrusive...

Feb 9, 2017

US-AUSTRALIA-BANKS-INQUIRY:Australian banks face renewed push for intrusive inquiry

Pope says 'at peace' confronting Vatican...

Feb 9, 2017

US-POPE-CORRUPTION:Pope says 'at peace' confronting Vatican corruption, sex abuse

Macquarie, ING join Apple Pay in Australia in...

Feb 10, 2017

US-APPLE-AUSTRALIA-BANKS:Macquarie, ING join Apple Pay in Australia in challenge to Big Four

Financial Markets

Sign up now!