Summary South Korea's economy has expanded at the fastest clip in nearly two years.
SEOUL (AP) - The Bank of Korea said Friday Asia's fourth-largest economy grew 3.3 percent in the third quarter over a year earlier, the highest rate in seven quarters. From the previous three months, the economy expanded 1.1 percent.
The central bank said capital expenditure turned higher for the first time in six quarters led by the machinery industry.
Consumer spending also picked up while growth in exports slowed.
The growth and an increase in capital expenditure show South Korea's economy is on track to recovery.
Earlier this month, the central bank left its key interest rate at 2.5 percent for a fifth month. But it lowered South Korea's growth forecast for 2014 to 3.8 percent citing global economic uncertainty.
