Fueled by a mix of surging exports and steadily expanding domestic demand, the South Korean economy posted 2.9% growth in the third quarter, the fastest growth rate for the nation in more than seven years. The growth followed a 2.6% gain in the previous quarter. Kim Myung-kee, director general of the Bank of Korea's economic statistics division, said the year-over-year growth rate is likely to exceed 5% in the fourth quarter. The statistics suggest that Korea's businesses may share that optimistic view; facility investment was up 8.9% in the third quarter.
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