SEOUL, December 5 (AJP) - South Korea's economy grew by 0.1 percent in the third quarter of 2024, marking the second consecutive quarter of sub 1 percent growth as exports declined and construction investment remained weak, the Bank of Korea (BOK) said on Thursday.
The tepid growth was primarily driven by a 0.2 percent contraction in exports, the first decline in seven quarters, led by decreased shipments of automobiles and chemical products.
While private consumption rose by 0.5 percent and facility investment jumped by 6.5 percent, construction investment fell by 3.6 percent.
Manufacturing sector showed a modest 0.2 percent increase, while services sector growth remained subdued at 0.2 percent, despite gains in healthcare and information technology services. The construction sector contracted by 1.4 percent.
"Real Gross National Income (GNI) surpassed the GDP growth rate due to improved terms of trade and reduced real trade losses," a BOK official said.
The country's real GNI increased by 1.4 percent quarter-on-quarter, outpacing GDP growth.
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