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Korea’s economy grows 0.6% in Q2 2023 (preliminary estimate)
Oct 2023
Korea’s real gross domestic product (GDP) rose 0.6 percent quarter-on-quarter in the second quarter of 2023, remaining unchanged from the advance estimate, according to the preliminary estimate released by the Bank of Korea (BOK) on September 5. The Korean economy grew 0.9 percent year-on-year.

On the production side, agriculture, forestry and fisheries rose 5.4 percent quarter-on-quarter. Manufacturing increased 2.5 percent as computer, electronic and optical products rose. Construction fell 3.9 percent as building construction and civil engineering works decreased. Services rose 0.3 percent as transportation and storage increased as well as business services.

On the expenditure side, private consumption fell 0.1 percent and government spending fell 2.1 percent. Construction investment decreased 0.8 percent, led by a drop in civil engineering works. Facility investment rose 0.5 percent as machinery investment increased. Exports fell 0.9 percent as exports of petroleum products decreased. Imports fell 3.7 percent as domestic demand for crude oil and natural gas declined.