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Korean economy grew by 1.4% in 2023 (Advance Estimate)
Feb 2024
Korea’s real gross domestic product (GDP) grew by 1.4 percent in 2023, according to the Bank of Korea’s advance estimate released on January 25. In the fourth quarter of 2023, the Korean economy rose 0.6 percent quarter-on-quarter and 2.2 percent year-on-year.

On the production side, agriculture, forestry and fisheries declined by 6.1 percent quarter-on-quarter, mainly  driven by decreased production in agriculture. Manufacturing grew by 1.1 percent, led by increased production of computer, electronic and optical products. Production of electricity, gas and water supply grew by 11.1 percent mostly as a result of higher production of electricity. Construction fell by 3.6 percent as building and civil engineering works both declined. Services increased by 0.6 percent due to increases in business activities 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 the final consumption expenditure of resident households abroad. Facility investment increased by 3.0 percent on the back of an increase in transportation equipment, while construction investment decreased by 4.2 percent as building construction and civil engineering works both decreased. Exports grew by 2.6 percent owing to higher exports of semiconductors. Imports rose 1.0 percent as domestic demand for petroleum products increased.