South Korea’s GDP has expanded 0.1% quarter-on-quarter in Q3 of 2024, following a 0.2% contraction in the second quarter, a preliminary estimate showed.
Yet, the latest figure fell short of market consensus of a 0.5% growth.
Economic growth was driven mostly by higher private and government consumption.
Private consumption rose 0.5% quarter-on-quarter in Q3, as spending on goods (motor vehicles, communication equipment) and services (health services, transport services) went up.
Government consumption rose 0.6% quarter-on-quarter in Q3, driven by increased social security benefits.
At the same time, construction investment contracted 2.8% in the third quarter, while facilities investment grew 6.9%.
In annual terms, South Korea’s economy expanded 1.5% in the third quarter of 2024.
The South Korean Won was little changed on the day against the US Dollar, with the USD/KRW currency pair last trading at 1,380.10.
The Forex pair was holding near a fresh 12-week peak of 1,385.52.
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