Economy · 7 d ago
South Korea's chip boom lifts third-quarter growth to 1%
Third-quarter growth
1 % vs 0.3% forecast
Real GDP grew 1 per cent from the previous quarter, more than three times the Bank of Korea's August forecast of 0.3 per cent, preliminary data showed Tuesday.
Computers, electronics and optical equipment made up about 60 per cent of the year-on-year growth, and chips were responsible for around half of that.
Facility investment
Up 4.1%
Private spending
Down 0.2%
Facility investment jumped 4.1 per cent, while private consumption fell 0.2 per cent, which the central bank tied partly to a stock market downturn and an automaker strike.
What we know
- Growth was 3.6% over the first three quarters
- Real income rose 18.8%, fastest since 1977
Not yet
- Whether Q4 growth reaches the 1.4% needed
If fourth-quarter growth reaches 1.4 per cent or more, annual growth could hit 4 per cent, the central bank's statistics chief said; its own forecast is 3.3 per cent.
