World
South Korea’s GDP growth beats forecasts amid AI boom
Asia's fourth-largest economy grows 3.4 percent year-on-year amid strong semiconductor demand.
Al Jazeera•
South Korea’s economy grew much faster than expected in the July-September quarter amid booming demand for chips used in artificial intelligence (AI).
Gross domestic product (GDP) expanded 1 percent on a quarterly basis, or 3.4 percent year-on-year, advance estimates released by the Bank of Korea showed on Tuesday.
Exports, which account for about 45 percent of South Korea’s GDP, rose 2.3 percent quarter-on-quarter, driven by semiconductors, machinery and electrical equipment, according to the central bank.
The latest results put the South Korean economy well on track to achieve its biggest economic expansion in more than a decade.