Story perspectives
South Korea GDP Beats Forecast as AI Chip Boom Drives Growth
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Story summary
- South Korea's economy expanded 1% in Q3, driven by an AI-focused chip boom.
- GDP rose 3.4% year-on-year, beating the 3.1% forecast.
- Private consumption slipped 0.2% quarter-over-quarter while government spending increased 1.9%.
- Seoul plans a 12.8% budget increase next year for AI and chip projects.
- Citigroup and Nomura expect the Bank of Korea to raise rates by a quarter point in November.