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Korean economy grew by 1.4% in 2023 (Preliminary Estimate)
Apr 2024
Korea’s real gross domestic product (GDP) grew by 1.4 percent in 2023, according to the Bank of Korea’s preliminary estimate released on March 5. 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, the figures for agriculture, forestry and fisheries declined by 6.7 percent quarter?on-quarter. Manufacturing grew by 1.2 percent, led by increased production of computer, electronic and optical products. Production of electricity, gas and water supply grew by 8.8 percent mostly as a result of  higher efficiency in production of electricity. Construction fell by 3.8 percent as building and civil engineering works both declined. Services increased by 0.8 percent due to increases in the sectors of transportation and  storage 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 spending by household abroad. Facility investment increased by 3.3 percent on the back of an increase in transportation equipment, while construction investment decreased by 4.5 percent as building construction decreased. Exports grew by 3.5 percent owing to higher exports of semiconductors. Imports rose 1.4 percent as domestic demand for petroleum products increased.