(RTTNews) - South Korea's gross domestic product expanded a seasonally adjusted 0.1 percent on quarter in the third quarter of 2024, the Bank of Korea said on Thursday - unchanged from Q2 but missing expectations for an increase of 0.5 percent.
Real gross national income (real GNI) increased by 1.4 percent on quarter in Q3. On the production side, manufacturing increased by 0.2 percent mainly due to increases in transportation equipment and machinery and equipment.
Construction fell by 1.4 percent, as building construction decreased. Services expanded by 0.2 percent, with increases in human health & social work and information and communication, despite decreases in wholesale and retail trade, accommodation and food services, and cultural & other services.
On the expenditure side, private consumption rose by 0.5 percent, as expenditures on goods (e.g., electricity, gas and other fuels, and motor vehicles) and services (e.g., health services and transport services) both increased.
On an annualized basis, GDP was up 1.5 percent - in line with expectations and also unchanged.
