SEOUL, - Finance Minister Choo Kyung-ho announced on Thursday that the South Korean economy is on track to meet its growth estimate for this year, particularly due to the recovering semiconductor sector and exports.
According to a new release by the Yonhap News Agency, the statement followed the Bank of Korea's data, which showed a 0.6 percent on-quarter increase in the country's real gross domestic product for the July-September period. The figure is higher than expected and aligns with South Korea's growth forecast of 1.4 percent for 2023.
Choo said that despite uncertain factors like the Israel-Hamas conflict, the economy is following the forecast path. He added, "We expect the growth rate to come to either 1.3 percent in more conservative terms or 1.5 percent if taking a more optimistic view." During the first 20 days of October, exports rose 4.6 percent on-year, mainly because of robust shipments of cars and petroleum products.