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South Korea’s economy grows 0.6% in Q3

South Korea’s economy grew by 0.6% in the third quarter of 2023, as per the Bank of Korea’s data; maintaining the pace seen in the previous quarter and showing improvement from the first quarter. This growth is attributed to reviving exports and domestic demand, marking a recovery since a contraction in the fourth quarter of last year. Year-on-year, the economy expanded 1.4%, following 0.9% growth in the first and second quarters. Despite a global economic slowdown and tight monetary policies, South Korea’s economy is expected to grow 1.4% in 2023, down from 2.6% in 2022 and 4.3% in 2021. Key sectors like chipmaking show recovery signs, with exports increasing for two consecutive quarters. Exports rose by 3.4%, overall, and imports by 2.3% in the third quarter. Private spending and government spending also saw increases.


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