South Korea's third-quarter GDP grows at fastest pace in over a year, beating expectations

South Korea's system expanded astatine its fastest gait successful much than a year, with its third-quarter gross home merchandise maturation topping analysts' estimates connected Tuesday.

According to beforehand estimates from Bank of Korea, GDP roseate 1.7%, twelvemonth connected year, compared to the 1.5% expected by economists polled by Reuters. The system had grown by 0.6% successful the 2nd quarter.

South Korea's GDP information comes arsenic the country's negotiators proceed to wrangle implicit details of a commercialized woody with the Trump administration. In an interrogation with Bloomberg past Friday, South Korea's President Lee Jae Myung said that the 2 country's were deadlocked connected cardinal details implicit Seoul's $350 cardinal concern pledge.

"The U.S. volition of people effort to maximize its interests, but it mustn't beryllium to the grade that causes catastrophic consequences for South Korea," Lee said successful the interview.

In July, South Korea reached a commercialized woody with Trump that featured broad tariffs connected the country's exports to U.S. astatine 15% — down from the 25% Trump announced earlier. In return, Seoul had pledged to put $350 cardinal successful the U.S.

Lee is acceptable to conscionable Trump connected the sidelines of the Asia-Pacific Economic Cooperation acme being held successful Gyeongju, South Korea, aboriginal this week.

The Bank of Korea successful its connection past Thursday said that the system has continued to improve, supported by a sustained betterment successful depletion and favorable exports growth.

"Going forward, home request is expected to proceed its recovery, led by consumption, and exports are apt to stay favourable for immoderate clip owing to the beardown semiconductor sector, but the impacts of U.S. tariffs connected exports are apt to grow gradually," the BOK added.

The cardinal slope has forecast full-year maturation for 2025 astatine 0.9%, and 1.6% for 2026.

— This is breaking news, delight cheque backmost for updates.