South Korea's third-quarter GDP grows at fastest pace in over a year

South Korea's economy expanded at its fastest pace in more than a year, with its third-quarter gross domestic product growth topping analysts' estimates on Tuesday.

According to advance estimates from Bank of Korea, GDP rose 1.7%, year on year, compared to the 1.5% rise expected by economists polled by Reuters. The economy had grown by 0.6% in the second quarter.

Data from the Bank of Korea revealed that growth was mostly supported by exports and the manufacturing sector that expanded 6% and 3.3%, respectively, year on year.

The construction sector was the biggest drag on the economy, contracting 8.1% in the reported quarter compared to a year earlier.

The growth in exports of goods and services, which came on the back of increased semiconductor and motor vehicle shipments, was the fa