South Korea's economy grows 1.0% in third quarter on chip boom

South Korea's economy grew faster than expected in the third quarter, expanding 1.0% from the previous three months, driven by a surge in semiconductor exports amid a global boom in AI investment. Advance central bank estimates showed the growth exceeded the 0.7% increase tipped in a Reuters poll of economists and followed a 0.6% expansion in the second quarter. Exports rose 2.3% on demand for semiconductors, machinery and electric equipment, while facilities investment jumped 4.1%. Private consumption, however, fell 0.2%, the first decline in nearly four years. On a year-on-year basis, GDP grew 3.4%.