Korea's economy grows 0.3 pct in Q3, unchanged from earlier estimate: BOK data

Shoppers browse through groceries at a large mart in Seoul on Nov. 27, 2022. [YONHAP]

Korea's economy grew 0.3 percent in the third quarter of this year despite rising interest rates and weak exports, unchanged from an earlier estimate, central bank data showed Thursday.

The country's real gross domestic product (GDP), a key measure of economic growth, increased by 0.3 percent in the July-September from the previous quarter, according to the data from the Bank of Korea (BOK).

The third-quarter GDP growth marks a slowdown from the 0.7 percent expansion in the second quarter but is faster than the 0.2 percent growth a year ago.

Private consumption increased by 1.7 percent, as expenditures on semi-durable goods and services, such as spending in restaurants and accommodations, increased.

Exports edged up 1.1 percent, as transportation equipment and services increased. Imports were up by 6 percent, owing to increased imports of crude oil and natural gas.

Government consumption went up by 0.1 percent, while construction investment contracted by 0.2 percent.

Korea's third-quarter real gross national income (GNI) decreased by 0.7 percent from three months ago on slow trade.

Last week, the BOK announced its sixth straight interest hike and the ninth increase of a combined 2.75 percentage points since August last year.

Upon the rate decision, the central bank lowered Korea's 2023 growth outlook to 1.7 percent from 2.1 percent predicted three months earlier.

It also revised down its inflation outlook for next year from 3.7 percent to 3.6 percent.

Yonhap