Deputy Prime Minister and Finance and Economy Minister Lee Hyung-il said the nation's economic growth rate is likely to reach the mid-3 percent range this year, while per capita national income is expected to surpass $40,000 for the first time in 12 years after topping $30,000 in 2014.
On his X account on Tuesday, he said, "The Bank of Korea announced today that third-quarter real gross domestic product (GDP) grew by 1.0 percent from the previous quarter and 3.4 percent year-on-year, continuing a growth trend for three consecutive quarters."
As explained by Lee, the third-quarter growth rate also continued a positive trend. The Bank of Korea had predicted a third-quarter growth rate of 0.3 percent in its August outlook, but the actual figure significantly exceeded this. Even if the fourth-quarter growth rate records 0 percent, the annual growth rate will reach 3.6 percent.
Lee said, "It is also encouraging that small and medium-sized enterprise (SME) exports are recording an all-time high this year," adding, "This is an achievement built together by our companies and citizens."
He continued, "Now we will expand this achievement to the lives of the people," stating, "We will achieve growth for all through a virtuous cycle in which growth leads to more jobs and income, and higher income supports consumption, which in turn drives further growth."
in ECONOMY
