South Korea’s gross domestic product improved a seasonally adjusted 0.3 percent on quarter in the third quarter of 2022, the Bank of Korea said on Thursday.
That exceeded expectations for an increase of 0.1 percent following the 0.7 percent growth in the previous three months.
On an annualized basis, GDP was up 3.1 percent – again beating forecasts for 2.8 percent and up from 2.9 percent in the three months prior.
Real gross domestic income (GDI) decreased by 1.3 percent compared to the previous quarter.
On the expenditure side, private consumption grew by 1.9 percent on quarter, as expenditures on durable goods (e.g. motor vehicles) and services (e.g. restaurants & accommodation services) both increased. Government consumption rose by 0.2 percent on quarter, with increased expenditures on goods.
Construction investment expanded by 0.4 percent on quarter, as non-residential building construction increased. Facilities investment increased by 5.0 percent on quarter, driven by increases in machinery and transportation equipment.
Exports rose by 1.0 percent on quarter, as transportation equipment and services increased while semiconductors decreased. Imports were up by 5.8 percent on quarter, owing to increased imports of crude oil and machinery & equipment.
On the production side, agriculture, forestry & fishing grew by 5.5 percent on quarter, mainly due to an increase in livestock production. Manufacturing contracted by 1.0 percent on quarter, as computer, electronic & optical products and chemical products decreased.
Electricity, gas & water supply increased by 0.3 percent on quarter, due to an increase in electricity. Construction rose by 1.8 percent on quarter, owing to an increase in building construction.
Services expanded by 0.7 percent on quarter, mainly in wholesale & retail trade, accommodation & food services, finance & insurance and cultural & other services.
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