Korea's economy barely grows by 0.1 percent in Q3
Containers for exports are stacked at a port in the southeastern city of Busan on April 1. [NEWS1
Korea’s economy remained almost flat in the third quarter, inching up by 0.1 percent, following a 0.2 percent contraction in the previous quarter.
The sluggish growth was mainly driven by a slowdown in exports. Facility investment and private consumption took an upturn in the third quarter, while construction investments continued to drag down the growth.
According to advance estimates by the Bank of Korea (BOK) on Thursday, the country’s real gross domestic product (GDP) grew by 0.1 percent from the previous quarter in the third quarter.
On a yearly basis, the GDP expanded 1.5 percent from the same period a year earlier.
Korea’s economy saw a steep 1.3 percent growth in the first quarter of this year, after logging a negative growth of 0.1 percent in the second, the first on-quarter contraction since the fourth quarter of 2022.
The BOK revised its growth projection this year from the previous 2.5 percent to 2.4 percent in August, the second revision of this year since it upped the forecast by 0.4 percentage points from 2.1 percent in May.
BY SHIN HA-NEE [shin.hanee@joongang.co.kr]
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