South korea's economy

South Korea's economy grew at its fastest pace for more than seven
years in the third quarter, official figures showed Monday, as Asia's
economies lead the world out of its slump. Gross domestic product
rose 2.9 percent quarter-on-quarter in July-September and 0.6
percent compared with a year earlier, the central Bank of Korea said
in an advance estimate. The quarter-on-quarter growth was the
country's fastest since 3.8 percent in January- March 2002. Asia's
fourth largest economy had recorded a 2.6 percent gain
quarter-on-quarter in April-June but the figure represented a 2.2
percent contraction year-on-year. On a year-on-year basis, Monday's
figures showed that GDP turned positive for the first time in four
quarters. "Industrial output, led by chips and automobiles, posted
robust growth in the third quarter," the bank said in a statement.
"Private consumption and facility investment also grew, contributing
to growth."