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News Briefing
Korea grows 0.3% in Q3 2022
Nov 2022
Korea’s real gross domestic product (GDP) rose 0.3 percent quarter-on-quarter in the third quarter of 2022, according to the Bank of Korea’s advance estimate released on October 27. The Korean economy expanded 3.1 percent year-on-year.

On the production side, agriculture, forestry & fisheries rose 5.5 percent quarter-on-quarter backed by livestock production. Manufacturing fell 1.0 percent as computer, electronic & optical products and chemical products decreased. Electricity, gas & water supply went up 0.3 percent as electricity increased. Construction rose 1.8 percent due to strong building construction. Services rose 0.7 percent as wholesale & retail, hotels & restaurants and finance & insurance services went up, as well as entertainment & leisure services and other services.

On the expenditure side, private consumption rose 1.9 percent and government spending rose 0.2 percent. Construction investment went up 0.4 percent backed by non-residential building construction. Facility investment rose 5.0 percent as machinery and transportation equipment all went up. Exports grew 1.0 percent as transportation equipment and services climbed, and imports rose 5.8 percent as crude oil and machinery & equipment went up.