South Korea's Q3 growth beats forecasts

South Korea's economic growth for the third quarter, measured between July and September, exceeded expectations, according to data released by the central bank. The country's gross domestic product (GDP) rose by 1% compared to the previous three months, surpassing the Bank of Korea's forecast of 0.3%.

Growth slower than a year earlier

This growth rate was slightly lower than the 3.4% recorded in the same period one year earlier, which was 3.7% in the second quarter. The slowdown reflects a comparison against a period of particularly strong growth in the previous year.

Exports drive economic expansion

The increase was supported by a 2.3% rise in exports compared to the second quarter, driven by sectors such as semiconductors, machines, and electrical equipment. These industries are vital to South Korea's economy and have shown resilience in global markets.

Semiconductor exports surge

Semiconductor exports, a key sector in South Korea's economy, more than tripled compared to the same period one year earlier, reaching 148 billion dollars, according to government figures. This significant increase highlights the strong demand for South Korean tech products worldwide.