[Breaking News] Q3 GDP Growth Rate 0.3%...Same as Preliminary Estimate

Containers loaded with import and export cargo are piled up at Busan Port's Sinsundae Pier and Gammam Pier. [Image source=Yonhap News]

The Bank of Korea announced on the 1st that South Korea's real Gross Domestic Product (GDP) grew by 0.3% quarter-on-quarter in the third quarter. This is the same level as the preliminary figure released in October. Manufacturing decreased by 0.8%, mainly due to computers, electronics and optical equipment, and chemicals and chemical products, but construction increased by 1.3%, centered on building construction. The service sector grew by 0.8%, driven by wholesale and retail trade, accommodation and food services, information and communication, culture, and other services.

In particular, private consumption showed a clear growth trend. Private consumption increased by 1.7%, mainly in semi-durable goods (such as entertainment and hobby products) and services (such as food and accommodation), while government consumption grew by 0.1%, mainly due to expenditure on goods. Construction investment decreased by 0.2% due to a decline in civil engineering, and facility investment increased by 7.9%, with both machinery and transport equipment rising.

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