South Korea’s Q3 growth outpaces forecast amid chip demand

Economy · First reported 27 Oct, 03:35 · Updated 07:57

South Korea’s GDP grew 1% quarter-on-quarter in July–September, exceeding the Bank of Korea’s August forecast of 0.3%; semiconductor exports helped drive growth, while private consumption declined.

Advance estimates put GDP growth at 1% quarter-on-quarter and 3.4% year-on-year in the July–September quarter.
The Bank of Korea had forecast 0.3% quarterly growth for the third quarter in August.
Exports rose 2.3% quarter-on-quarter, with semiconductors, machinery and electrical equipment contributing to the increase.
Facility investment rose 4.1%, intellectual-property investment 2.3%, and construction investment 0.7%; private consumption fell 0.2%.
The Japan Times snippet highlights declining consumption and describes the expansion as uneven, saying it could complicate the course of further interest-rate hikes.