South Korea's economy sustained its growth pace in Q3, matching the 0.6% expansion seen in Q2, driven by a rebound in exports and private spending, according to the Bank of Korea. Year-on-year, the economy grew 1.4%, following 0.9% growth in both previous quarters. The country has been recovering since a 0.3% contraction in Q4 last year. The central bank anticipates a 1.4% growth for the full year, a slowdown from 2.6% in 2022 and 4.3% in 2021. Exports rose by 3.5% in Q3, and imports by 2.6%, indicating increased domestic and international demand. Private spending and government spending also saw upticks. However, the economy faces uncertainties due to global monetary tightening, geopolitical tensions, rising household debt, and China's economic slowdown.
top of page
bottom of page