PRIME TIME NEWS 22:00 Korea's GDP growth hits 5-year high in Q3

• Report rights infringement
• published: 23 Oct 2015
• views: 257

PRIME TIME NEWS 22:00 The Korean economy recorded its highest growth rate since the second quarter of 2010, thanks in part to strong domestic consumption and the government′s supplementary budget. Participants can hardly wait for time to pass as the pre-session for another round of reunions for families separated by the Korean War begins. In the hotseat before lawmakers were officials at the Presidential Office of Cheong Wa Dae. Questions thrown revolved around proposed changes to history textbooks and failure to obtain key fighter jet technologies from the U.S. It′s 10pm on a Friday here in Korea. Welcome to Prime Time News, I′m Daniel Choy. Title: Korea′s GDP growth hits 5-year high in Q3 We start with some welcome news for the Korean economy. The central bank says Korea′s third-quarter GDP growth hit a five-year high as domestic demand offset sluggish exports. Shin Se-min takes a closer look at whether the positive upswing can continue. The Korean economy grew one-point-two percent on-quarter in the July-to-September period. That′s the highest growth rate since the second quarter of 2010 and the FIRST time in six quarters for the rate to top one percent. On-year, the country′s gross domestic product grew two-point-six percent. The Bank of Korea credited a solid rebound in domestic consumption and a pick-up in government spending for the overall growth. "Government efforts to reinvigorate spending,… like cutting consumption tax and a fiscal stimulus package, including an extra budget plan,... had a positive effect on the third quarter figures." And that trend is likely to continue,… at least until the end of this year. "With the consumption tax cut, scheduled to last until the end of this year,… added with the government′s supplementary budget,… the economy will likely maintain its one-percent growth throughout the fourth quarter." And that′s without the help of the country′s outbound shipments. Exports, making up half the country′s economy, were down zero-point-two percent during the third quarter due to sluggish global demand coupled with a slowdown in China. "The central bank said the strong comeback in the third quarter is a sign that the economy is on a recovery track. However, experts remain concerned,… as the current pace of growth cannot be sustained by domestic demand alone…highlighting the need for improved exports. Shin Se-min, Arirang News." Title: Asian stocks gained Friday on prospect of more ECB stimulus The Korean stock index inched up...along with other Asian stock markets. The driving force behind this tend: the European Central Bank remarks that suggest more stimulus measures. Kim Ji-yeon has this report. Asian stock markets rallied Friday on expectations of more stimulus measures from the European Central Bank. Korea′s benchmark KOSPI jumped one-percent from the previous day, rising above the 2,050-level during mid-day trading, a 3-month high, to c