The provisional economic growth rate for the third quarter of this year was recorded at 1.3%, surpassing the previous rapid estimate, due to increased consumption and exports.
The Bank of Korea announced that the real GDP of our country for the third quarter increased by 1.3% compared to the second quarter.
This figure is 0.1 percentage points higher than the preliminary estimate of 1.2% announced on October 28th and marks the highest in 15 quarters.
Compared to the preliminary estimate, investments in construction, intellectual property products, and exports were revised upward.
The Bank of Korea stated that if the fourth-quarter growth rate ranges from -0.4% to -0.1%, an annual growth rate of 1% is possible for this year, and if it is above 0% in the fourth quarter, it is arithmetically possible to achieve 1.1% annually.
The growth rate projection for the fourth quarter presented by the Bank of Korea on the 27th of last month was 0.2%.
Looking at the third-quarter growth rate by sector, private consumption increased by 1.3%, reaching the highest level in three years, and government consumption also increased by 1.3%.
Facility investment, led by machinery for semiconductor manufacturing, increased by 2.6%, and exports rose by 2.1%.
Even the previously sluggish construction investment saw a 0.6% increase focused on civil engineering, breaking out of six quarters of negative growth.
In terms of the contribution to growth in the third quarter, domestic demand contributed 1.2 percentage points, while net exports contributed 0.1 percentage points.
Due to deteriorating terms of trade, the real Gross National Income (GNI) grew by only 0.8%, which was lower than the real GDP growth rate of 1.3%.
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