SEOUL – The economy of South Korea grew 1.5 percent in the July-September quarter, with respect to April-June, its best inter-quarterly rate in almost seven years, according to data published on Friday by the Bank of Korea (BoK).

This expansion, thanks to the progress made in the manufacturing and construction sectors, is slightly higher than the forecasts of analysts and the largest since the country, the fourth largest economy in Asia, grew 1.7 percent in April-June of 2010 compared to the previous quarter.

The growth is also well above that of April-June this year, when the economy grew by 0.6 percent with respect to January-March.

At an annualized rate the South Korean GDP expanded by 3.8 percent in the third quarter of 2017, compared to 2.7 percent in April-June.

Public expenditures increased by 2.3 percent, while investment in the construction sector showed a growth of 1.5 percent, mainly due to a strengthening of the residential sector.

Corporate capital spending increased 0.7 percent and domestic consumption expanded 0.8 percent.

Exports, on which 50 percent of the South Korean GDP depend, increased by 6.1 percent thanks to an increase in computer chip and chemical shipments.

Most analysts expect that the country will grow by 3 percent this year, the level at which the government, BoK and the Organization for Economic Cooperation and Development have placed their forecasts.