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Economy Grows 0.3% in Q3

Written: 2022-12-01 08:55:11Updated: 2022-12-01 11:09:11

Economy Grows 0.3% in Q3

Photo : YONHAP News

The economy grew zero-point-three percent in the third quarter from the previous quarter thanks to a rise in facility investment and private consumption after the removal of social distancing measures.

The data released by the Bank of Korea on Thursday for the July-to-September period remained unchanged from its earlier estimate released on October 27, posting on-quarter growth for the ninth consecutive quarter after shrinking in the first and second quarters of 2020.

Private consumption increased on-quarter by one-point-seven percent, while facility investment jumped seven-point-nine percent in the third quarter.

Exports edged up one-point-one percent despite a drop in shipments of semiconductors, but imports jumped six percent due to increased imports of crude oil and natural gas.

The country's real gross national income decreased by zero-point-seven percent on-quarter in the cited period.

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