The South Korean economy scored the fastest GDP growth rate in the third quarter of the year since 2002.

The South Korean economy grew by 2.9 per cent during July-September period as compared with previous quarter, when economy advanced by 2.6 per cent.

It was the fastest growth since the 1Q of 2002 when the GDP advanced by 3.8 per cent from the last three months.

Country's economy grew 0.6 per cent during the third quarter as compared with the same period last year.

On a year-to-year basis, it was the first time when GDP turned positive in the last four quarters.

Improved domestic demand and strong exports supported country's GDP growth.

The gas & water sector surged up 8.8 per cent, while the manufacturing sector grew by 8.7 per cent.

Services grew 0.6 per cent and private consumption was up by 1.4 per cent.