South Korea's Q3 GDP growth triples forecast on semiconductor exports
Briefing by News4U · First published
GDP rose 1.0% quarter-on-quarter, beating the Bank of Korea's 0.3% forecast, driven by a 218.7% surge in semiconductor exports to $148 billion.
According to Euronews Business, South Korea's economy grew 1.0% quarter-on-quarter in the July-to-September period, more than three times the Bank of Korea's August forecast of 0.3%, according to preliminary central bank data released on Tuesday. [1]
Exports rose 2.3% and facility investment climbed 4.1%, both led by semiconductors, while semiconductor exports jumped 218.7% year-on-year to $148 billion. Real gross domestic income surged 18.8% year-on-year, its fastest increase in nearly 49 years. [1]
Analysts warned that growth remains heavily concentrated in the chip sector, leaving the economy exposed to any slowdown in global AI spending. [1]
Sources
- AI chip boom tripled South Korea's economic growth in the third quarter
Euronews Business · · Full text