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Korean economy grew by 0.6% in Q3 2023 (Preliminary Estimate)
Jan 2024
Korea’s real gross domestic product (GDP) grew by 0.6% from the previous quarter in the third quarter of 2023, according to the Bank of Korea’s preliminary estimate released on December 5. The Korean economy expanded 1.4% on a year-on-year basis. 

On the production side, agriculture, forestry and fisheries rose by 1.5%. Manufacturing grew by 1.4% driven by increased production of computer, electronic and optical products, while energy production of electricity, gas and water supply declined by 0.5%. Construction rose by 2.4% on the back of stronger building and civil engineering works. Services increased 0.3% mainly driven by growth in cultural and other services despite a decrease in wholesale and retail trade and the accommodation and food services sectors.

On the expenditure side, private consumption grew by 0.3% owing to an increase in services production. Construction investment rose 2.1 % as building construction and civil engineering works both increased. Facility investment decreased by 2.2% due to a decrease in machinery. Exports rose 3.4% driven by higher exports of semiconductors and machinery and equipment Imports also rose 2.3% as domestic demand for petroleum products increased.