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Reuters poll sees faster South Korea Q3 growth on chip exports
A Reuters poll of 16 economists, carried by Channel NewsAsia, put South Korea’s third-quarter GDP growth at a median 0.7% quarter on quarter, slightly faster than the prior quarter, on chip exports.
Based on reporting by CNA
Wire reporting: (Reuters, via CNA)
South Korea’s economy likely grew a seasonally adjusted 0.7% in the July-September quarter, according to the median of 16 economists in a Reuters poll conducted Oct. 14-23, Channel NewsAsia reported, citing Reuters1. That would be a slight pickup from 0.6% growth in April-June, with forecasts in the poll ranging from 0.5% to 1.6%1.
CNA, carrying Reuters, said booming semiconductor exports and AI-related investment helped offset still-uneven domestic demand1. September exports rose 84% from a year earlier to $120.9 billion, led by a 262.8% rise in chip exports to $60.3 billion, with semiconductors nearly half of total shipments1.
On a year-on-year basis, GDP was forecast to grow 3.0%, slowing from 3.7% in the previous quarter, the same 16-economist median showed1. High borrowing costs and elevated household debt have weighed on household consumption, the report said1.
The Bank of Korea held its benchmark interest rate at 3.00% on Thursday and raised its growth forecast to 3.3% for this year and 2.9% for next year, CNA said, citing Reuters1. A separate Reuters poll forecast 3.5% growth in 20261. Reuters’ own page for the story could not be read in full.
