Korea's Q3 economic growth unchanged at 0.3%: Bank of Korea

Korea's Q3 economic growth unchanged at 0.3%: Bank of Korea

gettyimagesbank

South Korea’s economy grew at the same pace as earlier forecast in the third quarter of the year despite better-than-expected private consumption and robust exports, central bank data showed Thursday.

The country’s gross domestic product adjusted for inflation grew 0.3 percent in the July-September period, compared with three months earlier, according to the preliminary data by the Bank of Korea (BOK).

This is the same as the earlier estimate the central bank announced in late October. Annualized economic growth in the third quarter stood at 4 percent, also unchanged from what was previously estimated.

The on-quarter growth slowed from the 0.8 percent tallied in the second quarter.

The deceleration raised concerns that the country might not be able to achieve its annual growth target of 4 percent for this year amid the prolonged fight against the coronavirus pandemic and global supply chain disruptions.

Last week, the BOK kept its 2021 growth outlook at 4 percent, unchanged from its August projection, while raising its key interest rate by a quarter parentage point to tame inflation and household debt.

Consumption and investment remained weak, weighing on the pandemic-hit economy.

Private consumption declined 0.2 percent in the third quarter compared with three months earlier, though the figure was 0.1 percentage point higher than its October estimate.

Investment in construction shrank 3.5 percent, which was 0.5 percentage point lower than previously estimated. Facility investment also declined 2.4 percent due in part to global supply disruptions, down 0.1 percentage point from its October estimate.

Exports remained strong, propping up the economic growth. Overseas shipments grew 1.8 percent on-quarter in the third quarter, which was 0.3 percentage point better than previously estimated, the data showed. (Yonhap)

News Related

OTHER NEWS

LGES, GM to build $2.6 billion EV battery plant in Michigan

LG Energy Solution (LGES) Head of Advanced Automotive Battery Division Kim Dong-myung, left, and General Motors Chair and CEO Mary Barra pose at the Michigan State Capitol in Lansing, Tuesday ... Read more »

Moon hopes for free trade deal with Mexico

This photo shows President Moon Jae-in speaking to his aides at a meeting at Cheong Wa Dae in Seoul on Jan. 10, 2022. (Yonhap)President Moon Jae-in expressed hope Wednesday for ... Read more »

Hyundai Engineering & Construction 2021 net income up 141.3 pct. to 549.5 bln won

SEOUL, Jan. 26 (Yonhap) — Hyundai Engineering & Construction Co. on Wednesday reported its 2021 net income of 549.5 billion won (US$458.9 million), up 141.3 percent from a year earlier. ... Read more »

Hyundai E&C turns to black in Q4

SEOUL, Jan. 26 (Yonhap) — Hyundai Engineering & Construction Co. on Wednesday reported its fourth-quarter net income of 121.8 billion won (US$101.7 million), swinging from a loss of 122.1 billion ... Read more »

S. Korea's AI defense technologies catching up with US equivalents: report

This photo released by the Korea Research Institute for Defense Technology Planning and Advancement on Wednesday, shows the cover of a new blueprint offering the development strategy of AI technology ... Read more »

Court grants Ahn's request to stop TV debate between Lee, Yoon

From left: Yoon Suk-yeol, Lee Jae-myung and Ahn Cheol-sooA court on Wednesday ruled in favor of minor party presidential candidate Ahn Cheol-soo in a lawsuit he filed to stop TV ... Read more »

Russian stocks open higher on Wednesday

MOEX Index up 2.65% Read more »

US tax credits for wind and solar mostly benefit big banks

Vast wind farms are more likely to be funded than smaller, community-based projects. Joseph Sohm/Shutterstock How can countries build renewable energy at the scale and rate needed to prevent dangerous ... Read more »

Hanwha heir aims to build solar energy ecosystem

By Kim Hyun-bin Hanwha Group has been working to create a comprehensive solar energy ecosystem to transform the conglomerate into a renewable energy powerhouse in the increasingly environment-conscious business world, ... Read more »

Samsung Electro-Mechanics Q4 net profit down 58.7 pct. to 84.7 bln won

SEOUL, Jan. 26 (Yonhap) — Samsung Electro-Mechanics Co. on Wednesday reported its fourth-quarter net income of 84.7 billion won (US$70.7 million), down 58.7 percent from a year earlier. The company ... Read more »

Samsung Electro-Mechanics 2021 net income up 46.7 pct. to 915.4 bln won

SEOUL, Jan. 26 (Yonhap) — Samsung Electro-Mechanics Co. on Wednesday reported its 2021 net profit of 915.4 billion won (US$764.8 million), up 46.7 percent from a year earlier. The company ... Read more »

Dollar exchange rate up to 78.7 rubles on Moscow Exchange

Euro rises to 89.07 rubles Read more »

Smuggled drugs hit record high in 2021 amid pandemic

SEOUL, Jan. 26 (Yonhap) — Drug smuggling caught by South Korea’s customs agency hit a record high last year as trafficking via non-contact delivery means shot up amid the COVID-19 ... Read more »

S. Korea's childbirths at record low in Nov.

SEOUL, Jan. 26 (Yonhap) — The number of babies born in South Korea fell to a record low in November last year, data showed Wednesday, underpinning the country’s gloomy demographic ... Read more »

NSC discusses measures over risk of Russia-Ukraine conflict

A view of Cheong Wa Dae in Seoul (Yonhap)The presidential National Security Council (NSC) has discussed tensions between Russia and Ukraine, including how the crisis will affect South Korea’s economy ... Read more »

Kakao Games invests $20 million in US game developer Frost Giant Studios

Kakao Games headquarters in Pangyo, Gyeonggi Province / Courtesy of Kakao Games South Korean game developer Kakao Games Corp. said Wednesday it has invested $20 million in U.S.-based independent game ... Read more »

Samsung's chipmaking plant in Xi'an begins normal operation as China lifts lockdown

SEOUL, Jan. 26 (Yonhap) — Samsung Electronics Co. said Wednesday its chipmaking facility in the Chinese city of Xi’an has returned to normal as the city has lifted a lockdown. ... Read more »

Future of beauty and fragrance is at SCAD

Meloney Moore, Associate dean, School of Business Innovation of the Savannah College of Art and Design (SCAD) / Courtesy of SCAD For more than 40 years, the Savannah College of ... Read more »

POSCO International Q4 net profit up 245 pct to 68.4 bln won

SEOUL, Jan. 26 (Yonhap) — POSCO International on Wednesday reported its fourth-quarter net profit of 68.4 billion won (US$57.1 million), up 245 percent from a year earlier. The company said ... Read more »

POSCO International 2021 net income up 55.3 pct to 356.5 bln won

SEOUL, Jan. 26 (Yonhap) — POSCO International on Wednesday reported its 2021 net profit of 356.5 billion won (US$297.9 million), up 55.3 percent from a year earlier. The company said ... Read more »

Moon to preside over COVID-19 response meeting amid rapid spread of omicron

People wait in line to get tested for COVID-19 at a makeshift testing booth set up at a parking lot of the Jamsil Olympic Stadium in Seoul’s eastern district of ... Read more »

Yoon leads Lee 44.7% to 35.6%: poll

This compilation image shows (from L to R) presidential candidates Lee Jae-myung, Yoon Suk-yeol, Sim Sang-jeung and Ahn Cheol-soo. (Yonhap)Main opposition presidential candidate Yoon Suk-yeol is leading his ruling party ... Read more »

N. Korea's agricultural ministry elevated to state commission amid food shortages

(Yonhap)North Korea has decided to upgrade its agricultural ministry to a state commission, according to Pyongyang’s media Wednesday, as the country has tapped agricultural development as one of its top ... Read more »

[Contribution] Future of Chinese growth and implications for Korea

Pushan Dutt By Pushan Dutt When economists talk of growth miracles, they refer to countries that grew rapidly and caught up with the level of the development of the U.S. ... Read more »

US remains prepared to engage in dialogue with N. Korea: State Dept.

US Department of State spokesperson Ned Price is seen answering a question in a press briefing at the department in Washington on Tuesday in this image captured from the department’s ... Read more »

Korea's daily COVID-19 cases exceed 13,000 for first time

A health worker wearing protective gear holds plastic gloves for visitors at a temporary screening clinic for the coronavirus in Seoul, Jan. 25. AP-Yonhap South Korea’s daily coronavirus cases have ... Read more »

Doubts grow over Glenwood PE's exit from PI Advanced Materials

Glenwood Private Equity CEO Lee Sang-ho, left, and PI Advanced Materials CEO Kim Tae-lim By Park Jae-hyuk Glenwood Private Equity is facing growing skepticism over its forthcoming divestment from PI ... Read more »

El Salvador's president uses McDonald's uniform for Twitter profile after bitcoin plunge

Bukele’s new Twitter profile has a reference to an internet meme indicating future career prospects as McDonald’s employees and getting as low as $11 per hour when bitcoin slumps. El ... Read more »

LG Energy Solution, GM to build US$2.6 bln joint EV battery plant in Michigan

By Kim Seung-yeon SEOUL, Jan. 26 (Yonhap) — LG Energy Solution Ltd. (LGES) and General Motors Co. unveiled a US$2.6 billion plan Wednesday to build a new electric vehicle (EV) ... Read more »

US has sanctions on Russia ready in case of escalation with Ukraine

Asked whether he would support expelling Russia from the Swift system of international payments, Deputy Treasury Secretary Wally Adeyemo said: "All options are on the table" Read more »

Twitter creates account at Russian regulator's website under ‘localization' law

Under the new law, overseas Internet companies with a daily audience exceeding 500,000 users must open their authorized representative offices in Russia Read more »

Consumer sentiment up in January amid toughened virus curbs

SEOUL, Jan. 26 (Yonhap) — South Korea’s consumer sentiment improved in January as health authorities’ tough antivirus rules mitigated worries over the spread of the coronavirus, the central bank said ... Read more »

Russian Ambassador: Sanctions may speed Russia and China switching to national currencies

But a complete shift is not expected, Andrey Denisov said Read more »

IMF downgrades forecast for global GDP growth in 2022 to 4.4%

In 2023, the IMF expects growth of 3.8% Read more »

Northern Sea Route may take up to 10% of Suez Canal traffic — Rosatom

According to Deputy CEO of Rosatom Vyacheslav Ruksha, NSR will not compete with transportation over the Suez Canal Read more »

Russian Energy Ministry supports stronger coordination of energy systems

Nikolay Shulginov noted that there was a need to sort out causes of such operation of automatic and control equipment, to prevent outages in future Read more »

Tajikistan to join Central Asian energy system — press secretary

Tajik energy company Barqi Tojik plans to complete activities by the end of 2022 Read more »

Authorities may come to compromise on cryptocurrencies in Russia, lawmaker believes

Head of the State Duma committee on the financial market Anatoly Aksakov suggested that the Bank of Russia, if there are serious arguments, could agree with the option of stricter regulation, rather than a ban Read more »

CNBC Fed Survey forecasts more aggressive Fed, but better economic growth

Federal Reserve Chairman Jerome Powell testifies during a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act, at the Hart Senate Office Building in Washington, DC, U.S., ... Read more »

US can limit high tech export to Russia — official

Export control restriction options considered by the US will impair industrialization of Russian economy, the official noted Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic