South Korea rebounded from recession more strongly than expected last quarter, as the fastest export-growth in decades helped buffer the economy from a summer wave of the coronavirus that weighed on consumers.
Gross domestic product increased 1.9% in the three months through September from the prior quarter, the Bank of Korea reported Tuesday. Economists had forecast 1.3% growth. The biggest jump in exports since 1986 drove the trade-dependent country’s rebound from two quarters of contraction.
South Korea’s economy is coming back from its pandemic-triggered recession in a stronger position than most developed nations. The recovery is vulnerable to disruptions in the U.S. and Europe, where the epidemic is worsening, but the country’s key chip exports are benefiting from a global shift to work-and study-from-home and China is supporting demand.