By Xu Aiying and Lee Jihae

The Korean economy has seen a return to positive growth despite the COVID-19 pandemic.

The Bank of Korea on Oct. 27 said real GDP grew 1.9% in the third quarter from the second. GDP had declined 1.3% in the first quarter and 3.2% in the second.

Private consumption and construction investment declined but exports and facility investment rose by a wide margin.

Exports jumped 15.6% from the second quarter led by cars and semiconductors. Imports grew 4.9% thanks to crude oil and chemical products, and facility investment grew 6.7% due to spending on machinery and transportation equipment.

By industry, construction declined 5.5% but manufacturing grew 7.6%, mainly in computers, electronics and optical instruments. The service sector marked 0.7% growth led by medical, health and social welfare services, financial services and insurance.

Also in the third quarter, real gross domestic income grew higher than GDP at 2.5% thanks to improved trade conditions.

"Growth has significantly rebounded centered on exports and the economy has entered the recovery track toward economic normalization," Deputy Prime Minister and Economy and Finance Minister Hong Nam-ki on Oct. 27 said at the fourth government meeting on strategies for growth innovation. 

"This raises expectations of overcoming the crisis." 

xuaiy@korea.kr