Key facts
- The finance ministry said exports and accelerating investment supported growth, with consumption improving gradually.
- The ministry said Middle East war uncertainty and high oil prices could weigh on people's livelihoods.
- Petroleum product prices rose 14.9% on-year in October, adding 0.56 percentage point to annual inflation, the data ministry said.
- The employment rate for ages 15 to 29 fell 1.7 percentage points on-year to 42.9%, the 30th straight monthly decline.
- The ministry said uncertainties persist over the Middle East war and the direction of AI industry policy.
South Korea's Ministry of Finance and Economy said on November 13 that the economy has continued to grow at a solid pace, supported by a substantial increase in exports and accelerating investment growth, with consumption improving gradually. The assessment came in the November edition of its economic report, known as the Green Book, and marked a more positive view than its description of the economy as continuing to recover since May.
The ministry said uncertainties from the Middle East war, inflationary pressure from high oil prices and difficult employment conditions for vulnerable groups and sectors could weigh on people's livelihoods. It also said the global economy continues to grow at a moderate pace, with uncertainties over the Middle East war and the direction of policies related to the artificial intelligence industry.
South Korea's exports jumped 93.7% on-year to a record $115.3 billion in October, driven largely by a sharp increase in semiconductor shipments, the report said. The economy added 139,000 jobs in October from a year earlier, with job growth above 100,000 for a fourth consecutive month. The employment rate for people aged 15 to 64 came to 70.4%, up 0.3 percentage point from a year earlier.
The rate for people aged 15 to 29 fell 1.7 percentage points on-year to 42.9%, the 30th consecutive month of decline, and the number of employed people in that age group fell by 196,000 from a year earlier, declining for the 48th consecutive month.
Consumer prices rose 2.8% on-year in October, easing from 2.9% in September and 3.1% in August. The data ministry said petroleum product prices rose 14.9% on-year in October and contributed 0.56 percentage point to the month's annual inflation rate, the sharpest increase since a 15.5% rise in July.
The ministry pledged to accelerate efforts to broaden the foundations for growth and to strengthen policies to stabilize people's livelihoods and reduce disparities.