S. Korea’s economy grows slightly in Q3 – BOK

South Korea’s real gross domestic product (GDP) grew by a marginal 0.1 per cent in the third quarter of 2024 compared to the previous quarter, according to the Bank of Korea‘s (BOK) advance estimate released on Thursday.

The report showed that government consumption rose by 0.6 per cent, primarily due to increased social security benefits in kind. Private consumption also grew by 0.5 percent, as expenditures on goods including, motor vehicles, communication equipment as well as services such as health services, transport services increased.

However, construction investment fell by 2.8 per cent, with declines in both building construction and civil engineering.

Facilities investment saw a significant rise of 6.9 per cent, driven by growth in machinery and transport equipment. Exports dropped by 0.4 per cent driven by a fall in exports of motor vehicles and chemical products. On the other hand, imports rose by 1.5 per cent, primarily due to increased imports of machinery and equipment.

Attribution: Bank of Korea report

Subediting: Y.Yasser