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S. Korea's Economy Posts 0.6% Growth in Q3

Written: 2023-10-26 09:05:26Updated: 2023-10-26 09:06:03

S. Korea's Economy Posts 0.6% Growth in Q3

Photo : YONHAP News

South Korea’s economy has posted growth for the third consecutive quarter.

The Bank of Korea announced on Thursday that the nation’s real gross domestic product(GDP) grew zero-point-six percent in the third quarter.

Such a figure comes after the real GDP posted growth of zero-point-three percent and zero-point-six percent in the first and second quarters, respectively, after posting negative growth in the fourth quarter of last year.

According to the central bank, private consumption climbed zero-point-three percent on the back of the service industry, including restaurants and lodging, in the July-to-September period.

Exports jumped three-and-a-half percent while imports grew two-point-six percent.

Government spending and construction investment both climbed zero-point-one percent and two-point-two percent, respectively, while facility investment slid two-point-seven percent.

The nation’s real gross domestic income, meanwhile, climbed two-and-a-half percent in the third quarter compared to the previous quarter.

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