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Asia Today ISSN 1861-4604 Tuesday, April 24, 2018

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South Korea ranked third among major economies in GDP growth

GDP Growth rate 1,8 parcent

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SEOUL, South Korea - In fresh statistics revealed by the Organization for Economic Cooperation and Development(OECD), South Korea is said to have been ranked third among major economies in gross domestic product(GDP) growth in the third quarter.

OECD said on Monday that South Korea's third-quarter real GDP growth rate stood at 1.5 percent from the previous quarter taking it to the third rank among 18 members of the Group of 20 economies.

According to OECD, China was ranked first at 1.7 percent and India came in second at 1.6 percent.

The figures revealed that this is the first time in two years South Korea has ranked third in a quarterly economic growth rate. 

Earlier, in the third quarter of 2015, South Korea posted 1.3 percent in quarterly GDP growth rate, sharing third place with Turkey. 

Meanwhile, the OECD report stated that South Korea's third-quarter economy also expanded by a margin of 0.9 percentage points over the previous quarter, which is the highest among G-20 countries.

The report also noted that this is the first time in 7.5 years that South Korea has topped the G-20 nations in on-quarter growth margin. 

 

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