Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP NEWS AGENCY) = In the third quarter of this year, our country’s economy grew by only 0.1%. This figure is 0.4%p lower than the Bank of Korea’s forecast(0.5%). The impact was significant on exports, which hit their lowest level in seven quarters. Nevertheless, the Bank of Korea is forecasting that the export boom will continue for the time being.

On the 24th, the Bank of Korea announced the ‘2024 Q3 Real GDP(Flash Report)’. The Q3 real GDP grew by 0.1% compared to the previous quarter. Compared to the same period last year, it grew by 1.5%.

Looking at expenditures for GDP, exports decreased by 0.4%, centered on automobiles and chemical products, but imports increased by 1.5% due to an increase in machinery and equipment.

The Bank of Korea said, “The reason for the sluggish exports was the temporary impact of the automobile strike,” and added, “We expect the export boom to continue for the time being once the temporary factors such as the strike are resolved.” The union of Hyundai Transys, which produces automobile parts, went on a general strike on the 11th, causing disruptions in parts production.

The growth contribution to GDP was that private consumption increased from -0.1%p in the second quarter to 0.2%p in the third quarter, while government consumption remained at 0.1%p. Net exports plummeted from -0.1%p to -0.8%p.

Real gross domestic income(GDI) increased by 0.5%, exceeding the real GDP growth rate(0.1%).

By Soon-ki Lee(s8789@nspna.com) and Soo-in Kang(sink606@nspna.com)

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