The country’s real gross domestic product – a key measure of economic growth – rose 0.1 percent on a quarterly basis in the July-September period, according to preliminary data from Bank of Korea (BOK).
The growth rate in the third quarter is sharply lower than market expectations for an increase of 0.5 percent, and comes after a contraction of 0.2 percent on a quarterly basis in the second quarter, and growth of 1.3 percent in the first quarter of the year.
On an annual basis, the economy grew South Korea By 1.5 percent in the third quarter, slowing from 2.3 percent growth in the second quarter of the year.
And he said Central Bank Private spending rose by 0.5 percent on a quarterly basis in the third quarter, recovering from a 0.2 percent drop on a quarterly basis in the second quarter.
The country’s exports contracted by 0.4 percent on a quarterly basis in the third quarter, compared to growth of 1.2 percent in the second quarter, while imports rose by 1.5 percent in the third quarter, down from growth of 1.6 percent in the previous quarter.
The data showed an increase Government spending By 0.6 percent, investment in construction decreased by 2.8 percent in the third quarter, after recording a decline of 1.7 percent in the second quarter, according to the Korean Yonhap Agency.
South Korea’s economic growth slowed to a three-year low in 2023 due to a drop in exports amid tightening monetary policies around the world.
And it has grown Economy by 1.4 percent last year, slowing from 2.6 percent growth in 2022 and 4.3 percent growth in 2021.
Growth in 2023 represents the lowest level since a 0.7 percent contraction was recorded in 2020 during the coronavirus pandemic.
As for growth expectations this year, the bank expects growth of 2.4 percent.
Earlier this month, he cut Central Bank of Korea The key interest rate rose by a quarter of a percentage point to 3.25 percent, ending years of monetary tightening amid slowing inflation and faltering domestic demand.
The central bank implemented a tightening policy and raised interest rates seven consecutive times from April 2022 until January 2023 to tame high inflation.