December 2, 2016 / 12:40 AM / a year ago

S.Korea official says construction to support Korea growth for now

SEOUL, Dec 2 (Reuters) - South Korea’s construction sector will continue to support economic growth for the time being, as it has done throughout this year, a Bank of Korea (BOK) executive said on Friday.

Construction grew a still-robust 3.7 percent in the third quarter, although that figure was revised down from the 4.4 percent originally estimated.

Annual construction growth was revised to 10.6 percent in the third quarter from the 11.4 pecent first estimated.

S. Korea’s economy grew a revised 0.6 percent in the July-September period, down from the BOK’s earlier estimate of 0.7 percent, with year-on-year growth revised to 2.6 percent from 2.7 percent.

Third quarter growth was revised partly because of a fall in mobile phone exports and a decline in consumption by foreign tourists, Kim Young-tai, director of the BOK’s national accounts division, said on the sidelines of a briefing. (Reporting by Christine Kim; Editing by Eric Meijer)

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