south koreas economy slowed at a fasterthanexpected pace in the third quarter on weaker investment and subdued consumer spending amid the spread of the delta variant of covid19 gross domestic product grew 03 for the julyseptember period from the previous quarter following a revised 08 expansion in the second quarter showed preliminary bank of korea data on tuesday the latest reading missed the media forecast of 06 growth for the third quarter by economists polled by the wall street journal construction investment shrank further from the preceding quarter as contraction in both private consumption and facility investment outweighed growth in exports showed the data yearonyear the economy expanded 40 in the third quarter after a revised 60 expansion in the previous quarter the median forecast was for 43 growth in the third quarter the weakerthanexpected quarterly gdp data came as the central bank is dialing back monetary stimulus brought on by the pandemic the bank lifted the base rate in august after 15 months of keeping it at a record low signaling it may raise it further the central bank says the countrys economy is on track to achieve its projected 40 growth for 2021 on the governments continued fiscal stimulus and solid export growth