Seoul: The Republic of Korea's economy expanded by just 0.1 percent in the third quarter, falling short of market expectations, as export growth weakened, according to data released by the central bank on Thursday. According to Emirates News Agency, preliminary figures from the Bank of Korea indicated that the nation's real gross domestic product (GDP), a principal indicator of economic performance, only rose by 0.1 percent during the July-September period. This growth rate is significantly below the anticipated 0.5 percent gain and follows a 0.2 percent contraction recorded in the second quarter. The economy had seen a stronger performance in the first quarter with a 1.3 percent increase. On an annual basis, Korea's economy grew by 1.5 percent in the third quarter, which represents a slowdown from the 2.3 percent growth observed in the second quarter. The data also highlighted a recovery in private spending, which increased by 0.5 percent on a quarterly basis, following a 0.2 percent decline in the previou s quarter. The export sector, a critical component of Korea's economic framework, saw a contraction of 0.4 percent in the third quarter, in contrast to a 1.2 percent gain in the previous quarter. Meanwhile, imports recorded a 1.5 percent rise during the July-September period, slightly down from a 1.6 percent increase in the preceding quarter.