▲ Rhee Chang-yong, governor of the Bank of Korea, briefs the press about the results from the monetary policy meeting at the central bank's Seoul headquarters on Dec. 1, 2022. (Yonhap)

(LEAD) GDP-Q3 revision

(LEAD) S. Korea's economy grows 0.3 pct in Q3, unchanged from earlier estimate: BOK data

(ATTN: ADDS details in paras 5, 8-9, photo)

SEOUL, Dec. 1 (Yonhap) -- South Korea's economy grew 0.3 percent in the third quarter of this year despite rising interest rates and weak exports, unchanged from an earlier estimate, central bank data showed Thursday.

The country's real gross domestic product (GDP), a key measure of economic growth, increased by 0.3 percent in the July-September from the previous quarter, according to the data from the Bank of Korea (BOK).

The third-quarter GDP growth marks a slowdown from the 0.7 percent expansion in the second quarter but is faster than the 0.2 percent growth a year ago.

Private consumption increased by 1.7 percent, as expenditures on semi-durable goods and services, such as spending in restaurants and accommodations, increased.

Facilities investment increased by 7.9 percent, driven by increases in machinery and transportation equipment.

Exports edged up 1.1 percent, as transportation equipment and services increased. Imports were up by 6 percent, owing to increased imports of crude oil and natural gas.

Government consumption went up by 0.1 percent, while construction investment contracted by 0.2 percent.

South Korea's third-quarter real gross national income (GNI) decreased by 0.7 percent from three months ago on slow trade.

Trade deficit cut down South Korea's growth by 1.8 percentage point, the BOK said.

High global energy prices have fanned the trade deficit for the second consecutive quarter.

"Chip demand weakened and oil imports increased as companies sought to reserve more fuel in stock for mid-long term use," said Choi Jung-tae, head of the national accounts coordination team at the BOK.

Last week, the BOK announced its sixth straight interest hike and the ninth increase of a combined 2.75 percentage points since August last year.

Upon the rate decision, the central bank lowered South Korea's 2023 growth outlook to 1.7 percent from 2.1 percent predicted three months earlier.

It also revised down its inflation outlook for next year from 3.7 percent to 3.6 percent.

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