FX.co ★ South Korea GDP Adds 0.1% In Q3

South Korea's economy showed a modest growth of 0.1% in its gross domestic product (GDP) for the third quarter of 2024, maintaining the same pace as the previous quarter. This figure, released by the Bank of Korea on Thursday, fell short of the anticipated 0.5% increase.

In terms of real gross national income (GNI), there was a quarterly rise of 1.4% during the same period. From the production perspective, the manufacturing sector experienced a 0.2% growth, largely driven by an upturn in transportation equipment and machinery and equipment. However, the construction sector saw a decline of 1.4%, attributed to a downturn in building construction activities. Meanwhile, the services sector grew by 0.2%, with significant contributions from human health and social work, as well as information and communication. This growth occurred despite declines in wholesale and retail trade, accommodation and food services, and cultural and other services.

On the spending front, private consumption increased by 0.5%, reflecting higher expenditures on goods, such as electricity, gas, and other fuels, as well as motor vehicles. There was also a rise in spending on services, particularly in health and transportation.

Annually, the GDP grew by 1.5%, aligning with forecasts and marking no change from the previous evaluations.