WORLD S Korea's real GDP grows 0.3 pct in Q3 on quarter

WORLD

S Korea's real GDP grows 0.3 pct in Q3 on quarter

Xinhua

12:19, October 27, 2022

A man wearing a face mask walks past a store whose goods are on sale at the Myeongdong shopping area in Seoul, South Korea, Dec. 8, 2020. (File photo: Xinhua)

SEOUL, Oct. 27 (Xinhua) -- South Korea's real gross domestic product (GDP), adjusted for inflation, grew 0.3 percent in the July-September quarter compared to the previous quarter, Bank of Korea (BOK) data showed Thursday.

The real GDP kept rising for the ninth successive quarter since the third quarter of 2020, but it was down from the quarter-over-quarter increase of 0.6 percent in the first quarter and 0.7 percent in the second quarter.

Private consumption and facility investment contributed to the GDP expansion, but the faltering export led to lower economic growth.

Net export dragged down the GDP growth by 1.8 percentage points in the third quarter, while private consumption and facility investment lifted the growth rate by 0.9 percentage points and 0.4 percentage points respectively.

External uncertainties remained in the fourth quarter as interest rate hikes in major economies boosted worries about the global economic downturn.

For the first 20 days of October, the country's export dwindled 5.5 percent to 32.4 billion U.S. dollars compared to the same period of last year.

South Korea logged a trade deficit for the past six months through September.

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