Korean economy grew by 1.4% in 2023 (Preliminary Estimate)
Koreas real gross domestic product (GDP) grew by 1.4percent in 2023, according to the Bank of Koreaspreliminary estimate released on March 5. 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, the figures for agriculture,forestry and fisheries declined by 6.7 percent quarter?on-quarter. Manufacturing grew by 1.2 percent, led byincreased production of computer, electronic andoptical products. Production of electricity, gas andwater supply grew by 8.8 percent mostly as a result ofhigher efficiency in production of electricity. Construction fell by 3.8 percent as building and civil engineeringworks both declined. Services increased by 0.8 percent due to increases in the sectors of transportation andstorage and human health and social work, despite a decrease in finance and insurance. On the expenditure side, private consumption grew by 0.2 percent, led by an increase in spending byhousehold abroad. Facility investment increased by 3.3 percent on the back of an increase in transportationequipment, while construction investment decreased by 4.5 percent as building construction decreased.Exports grew by 3.5 percent owing to higher exports of semiconductors. Imports rose 1.4 percent asdomestic demand for petroleum products increased.
Apr 2024