Korean economy grew by 1.4% in 2023 (Advance Estimate)
Koreas real gross domestic product (GDP) grew by 1.4percent in 2023, according to the Bank of Koreasadvance estimate released on January 25. In the fourthquarter of 2023, the Korean economy rose 0.6 percentquarter-on-quarter and 2.2 percent year-on-year. On the production side, agriculture, forestry andfisheries declined by 6.1 percent quarter-on-quarter,mainly driven by decreased production in agriculture.Manufacturing grew by 1.1 percent, led by increasedproduction of computer, electronic and opticalproducts. Production of electricity, gas and water supply grew by 11.1 percent mostly as a result of higherproduction of electricity. Construction fell by 3.6 percent as building and civil engineering works bothdeclined. Services increased by 0.6 percent due to increases in business activities and human health andsocial work, despite a decrease in finance and insurance. On the expenditure side, private consumption grew by 0.2 percent, led by an increase in the finalconsumption expenditure of resident households abroad. Facility investment increased by 3.0 percent onthe back of an increase in transportation equipment, while construction investment decreased by 4.2percent as building construction and civil engineering works both decreased. Exports grew by 2.6 percentowing to higher exports of semiconductors. Imports rose 1.0 percent as domestic demand for petroleumproducts increased.
Feb 2024