The Bank of Korea (Bank of Korea) announced on the 26th that after preliminary calculations, the real GDP growth rate of South Korea in the third quarter of this year was 0.6%.
With the sharp decline in exports, South Korea's economic growth rate dropped to -0.3% in the fourth quarter of 2022. Since entering this year, it has maintained economic growth momentum for three consecutive quarters. However, Bank of Korea pointed out that although the South Korean economy has maintained positive growth for three consecutive quarters, it is not yet known whether this year's economic growth rate can reach the 1.4% growth rate previously announced by Bank of Korea for the entire year. When Bank of Korea published its second quarter growth rate, it analyzed that the growth rates in the third and fourth quarters need to reach around 0.7% respectively, in order to achieve a growth rate of 1.4% this year.
In addition, South Korea's actual gross domestic income (GDI) increased by 2.5% in the third quarter compared to the second quarter, exceeding the actual GDP growth rate. (Reporter Zhang Yun from the headquarters)