South Korea Q3 Growth Beats Forecasts as AI Chip Demand Lifts Exports
South Korea's economy expanded 1% in the third quarter, more than triple the central bank's projection, powered mainly by semiconductor exports.
AfroEuropa Newsroom
AfroEuropa desk
South Korea's economy grew 1% in the third quarter compared with the previous three months, well above the Bank of Korea's earlier forecast of 0.3%, according to preliminary central bank data reported by Ventureburn. The figure marks an acceleration from 0.6% growth in the second quarter.
Semiconductors tied to artificial intelligence demand were the main driver. Exports rose 2.3%, led by chips, machinery and electrical equipment, contributing 1.1 percentage points to overall growth. Imports increased 2.4%, in part reflecting purchases of chipmaking equipment.
Government data cited by Ventureburn showed semiconductor exports climbed 218.7% year-on-year to $148 billion during the quarter. The Bank of Korea estimates that chips accounted for roughly half of all third-quarter growth.
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