S. Korea's economy grows 0.6% in Q3 but uncertainties about economic outlook remain: BOK

수출•소비 증가로 3분기 성장률 0.6% 기록했지만 올해 1.4% 달성 불투명 Third quarter findings show yet another slight expansion in Korea's economy amid a rebound in exports and private consumption. Our correspondent Lee Soo-jin reports. South Korea's economy recorded a slight growth during the July to September period. Data from the Bank of Korea released on Thursday shows that the country's gross domestic product ---a key indicator of economic growth ---rose 0-point-6 percent on-quarter during the third quarter of this year. This is the third consecutive quarter that the country has seen economic growth and the second straight quarter that the nation has seen an on-quarter economic growth of 0-point-6 percent . The central bank said the growth was mainly led by the increase in net exports as well as private spending, the two main drivers of South Korea's GDP. Net exports rose in the third quarter as total exports rose more sharply compared to total imports. Exports rose by 3-point-5 percent from the previous quarter thanks to a recovery in shipments of semiconductors as well as machinery and equipment. Imports were up by 2-point-6 percent on the back of increased imports of petroleum products. Private spending rose by 0-point-3 percent, mostly driven by increased spending on food and accommodation. Government spending also increased by 0-point-1 percent as spending on social security benefits went up. Investment in construction grew by 2-point-2 percent on increased orders, but investment in facilities dropped by 2-point-7 percent due to sluggish demand for machinery. Despite the rise in both net exports and private spending, it remains uncertain whether the nation can reach the BOK's economic growth outlook due to global uncertainties. "There are growing uncertainties regarding how the recent geopolitical risks arising from the Israel-Hamas conflict and the continued interest rate hikes in the United States will impact our country." But the official said that although the central bank previously said that South Korea's economy will have to grow around 0-point-7 percent in both the third and the fourth quarter to meet this year's outlook, this was simply a rough estimate and that it's still possible for the nation's economy to grow 1-point-4 percent. Lee Soo-jin, Arirang News. #SouthKorea #economic_growth #economy #export #GDP #Bank_of_Korea #한국경제 #경제성장 #Arirang_News #아리랑뉴스 📣 Facebook :   / arirangtvnews   📣 Twitter :   / arirangtvnews   📣 Homepage : https://arirang.com/ 2023-10-26, 14:00 (KST)