South Korea's real GDP 0.3% higher in Q3 2022 than Q2: Bank of Korea

29 Oct '22

1 min read

Pic: Shutterstock/ Chintung Lee

The real gross domestic product (chained volume measure of GDP) of South Korea increased by 0.3 per cent in the third quarter of 2022 compared to the previous quarter. Real gross domestic income (GDI) decreased by 1.3 per cent compared to the previous quarter, as per a recent report by the Bank of Korea.

Exports rose by 1.0 per cent, as transportation equipment and services increased while semiconductors decreased. Imports were up by 5.8 per cent, owing to increased imports of crude oil and machinery and equipment, according to the report titled ‘Real Gross Domestic Product: Third Quarter of 2022 (Advance Estimate)’ released by the Bank of Korea.

Services expanded by 0.7 per cent, mainly in wholesale and retail trade, accommodation and food services, finance and insurance, and cultural and other services.

On the expenditure side, private consumption grew by 1.9 per cent, as expenditures on durable goods (e.g. motor vehicles) and services (e.g. restaurants and accommodation services) both increased. Government consumption rose by 0.2 per cent, with increased expenditures on goods.

Fibre2Fashion News Desk (NB)

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