South Korea's Q3 GDP Growth Exceeds Forecasts, Driven by Chip Boom, But Consumption Contracts

South Korea's economy expanded by 1% in the third quarter from the previous three months, surpassing the median estimate of 0.8% in a Bloomberg survey. This growth was fueled by an AI-driven chip boom boosting exports and investment. However, private consumption contracted by 0.2%, indicating an uneven expansion and potentially complicating future interest rate decisions by the Bank of Korea.