The Korean economy grew 1.3% in the third quarter, the fastest pace in four years

SEOUL, December 3, 2017 – The Central Bank of Korea reported today that the country’s economy grew at the fastest pace in about 4 years during the third quarter of this year, thanks to strong exports and improved private consumption.

The bank’s data showed that real gross domestic product, a key measure of economic growth, rose by 1.3% from July to September of this year compared to the previous quarter, indicating that this represents an increase of 0.1 percentage points over the previous forecast issued in October.

This is the fastest quarterly growth since the fourth quarter of 2021, when the economy achieved growth of 1.6%.

The economy expanded on an annual basis, by 1.8% in the third quarter compared to 0.6% in the second quarter.

The increase in domestic demand and exports contributed to the recovery of the economic expansion in the third quarter. Private consumption rose by 1.3%, recording the fastest growth since the fourth quarter of 2022, while government spending also rose by 1.3%, the highest level since the fourth quarter of 2022.

Exports grew by 2.1% compared to the previous quarter thanks to strong global demand for semiconductors and automobiles.

The Central Bank explained that domestic demand and net exports contributed, respectively, by 1.2 percentage points and 0.1 percentage points to economic growth in the third quarter.

The bank raised its forecast for the growth of the Korean economy this year by 0.1 percentage point to 1%, while it expected it to grow by 1.8% in the next year 2026.

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