South Korea GDP Expands 0.3% On Quarter In Q3

RTTNews | 1381 days ago
South Korea GDP Expands 0.3% On Quarter In Q3

(RTTNews) - South Korea's gross domestic product added a seasonally adjusted 0.3 percent on quarter in the third quarter of 2022, the Bank of Korea said in Thursday's final reading - in line with expectations following the 0.7 percent growth in the three months prior.

On an annualized basis, GDP climbed 4.1 percent - again matching forecasts and up from 2.9 percent in the previous three months.

Real gross national income (GNI) decreased by 0.7 percent on quarter and 1.4 percent on year in Q3.

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Bank Of Korea Hikes Key Rate For Second Straight Time

Bank Of Korea Hikes Key Rate For Second Straight Time

The Bank of Korea raised its benchmark rate by a quarter-point for the second straight meeting on Thursday, to prevent broadening of inflationary pressures. The Monetary Policy Board of the Bank of Korea voted 6-1 to raise the base rate by 25 basis points to 3.00 percent. The bank had lifted the rate by a quarter-point at the previous meeting in July.
RTTNews | 15 days ago