South Korea’s economy grows 1% in third quarter

Economy · First reported 26 Oct, 23:17 · Updated 07:53

South Korea’s GDP rose 1% from the previous quarter in July–September, exceeding the Bank of Korea’s 0.3% forecast. Reports point to semiconductor-related exports and investment as important drivers, while year-on-year growth eased to 3.4%.

GDP increased 1% quarter-on-quarter in the third quarter, up from 0.6% growth in the previous quarter and above the Bank of Korea’s August forecast of 0.3%.
Year-on-year growth was 3.4%, compared with 3.7% in the second quarter.
Exports grew 2.3% quarter-on-quarter, led by semiconductors, machinery and electrical equipment; facility investment rose 4.1%, supported by machinery spending.
Private consumption fell 0.2%, while government consumption increased 1.9%.
Real gross domestic income rose 18.8% year-on-year, which the reports attribute in part to higher semiconductor prices.

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Key facts

Quarter-on-quarter GDP growth: 1% in July–September
Bank of Korea forecast: 0.3% for the third quarter, forecast in August
Year-on-year GDP growth: 3.4% in the third quarter, down from 3.7% in the second quarter
Exports: Up 2.3% quarter-on-quarter
Real gross domestic income: Up 18.8% year-on-year