Bujeon Market on Sept. 24 is crowded with shoppers two weeks before Chuseok (Korean Thanksgiving) in Busan's Busanjin-gu District. (Yonhap News)

By Kang Gahui

The revival of domestic demand and the continued export boom spurred the economy to expand over 1% in the third quarter from the second, the highest growth in 15 quarters.

The Bank of Korea on Dec. 3 released preliminary data on national income in the third quarter showing that real GDP grew 1.3%, up from an earlier forecast of 1.2% and the highest rise since 1.6% in the fourth quarter of 2021.

By economic activity, manufacturing rose 1.5% thanks to transportation equipment, computers, and electronic and optical devices.

The service sector rose 1.4% due to growth in wholesale and retail trade, accommodations and food service, transportation, finance and insurance. Construction rose 0.7% but agriculture, forestry and fisheries fell 4.6%.

By expenditure type, private consumption grew 1.3% as that of vehicles and telecommunications devices and services such as restaurants and health care all rose.

Government spending also grew 1.3% mainly due to the cost of goods and health insurance benefits.

Investment in construction went up 0.6% and that in equipment 2.6% after both suffered declines in the second quarter.

Exports rose 2.1% thanks to strong performances by semiconductors and cars, while imports also grew 2% fueled by machinery and equipment and cars.

kgh89@korea.kr