News Briefing
Korea’s economy grows 0.6% in Q3 2023 (advance estimate)
Nov 2023
Korea’s real gross domestic product (GDP) rose 0.6 percent quarter-on quarter in the third quarter of 2023, according to the Bank of Korea’s advance estimate released on October 26. The Korean economy grew 1.4 percent year-on-year.
On the production side, agriculture, forestry and fisheries rose 1.0 percent quarter-on-quarter as livestock production increased. Manufacturing grew 1.3 percent as computer, electronic and optical products increased. Electricity, gas and water supply declined 1.4 percent, led by a drop in electricity. Construction rose 2.4 percent thanks to strong building construction and civil engineering works. Services increased 0.2 percent as entertainment and leisure services and other services rose.
On the expenditure side, private consumption rose 0.3 percent and government spending rose 0.1 percent. Construction investment rose 2.2 percent as building construction and civil engineering works increased. Facility investment fell 2.7 percent because of a decrease in machinery. Exports rose 3.5 percent as exports of semiconductors, machinery and equipment increased, and imports rose 2.6 percent as domestic demand for petroleum products increased.
On the production side, agriculture, forestry and fisheries rose 1.0 percent quarter-on-quarter as livestock production increased. Manufacturing grew 1.3 percent as computer, electronic and optical products increased. Electricity, gas and water supply declined 1.4 percent, led by a drop in electricity. Construction rose 2.4 percent thanks to strong building construction and civil engineering works. Services increased 0.2 percent as entertainment and leisure services and other services rose.
On the expenditure side, private consumption rose 0.3 percent and government spending rose 0.1 percent. Construction investment rose 2.2 percent as building construction and civil engineering works increased. Facility investment fell 2.7 percent because of a decrease in machinery. Exports rose 3.5 percent as exports of semiconductors, machinery and equipment increased, and imports rose 2.6 percent as domestic demand for petroleum products increased.
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