+1% between July and September: South Korean growth higher than expected in third quarter thanks to semiconductors
Between July and September, South Korea's gross domestic product increased by 1% compared to the previous three months, an increase which can be explained in particular by the increase in semiconductor exports.
South Korea recorded much faster-than-expected growth in the third quarter driven by demand for semiconductors, essential for artificial intelligence, according to figures released Tuesday by the central bank. The gross domestic product of Asia's fourth-largest economy grew 1% between July and September, compared to the previous three months, compared to a forecast by the Bank of Korea of just 0.3%, according to these preliminary data. Compared to the same period a year earlier, growth stood at 3.4%, slightly lower than the 3.7% recorded in the second quarter.
Activity was supported by a 2.3% increase in exports compared to the second quarter, driven by semiconductors, machinery and electrical equipment. Exports of semiconductors, a very powerful sector in South Korea, more than tripled in the third quarter year-on-year to reach $148 billion, according to government figures.
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- BFM Business27 Oct, 06:25
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