q3 growth of 0.1% on slower exports... "looks likely to be below 2.4% this year"

Poor performance despite base effect...slower-than-expected exports
Bank of Korea "Deteriorates Export Growth, but Will Continue Strong for the Time"
Uncertainty on slowing global manufacturing and sluggish domestic demand in China ↑

[Anchor]
The economy grew only 0.1% in the third quarter of this year.

This is due to slower-than-expected exports, and the Bank of Korea predicts that it will be difficult to forecast 2.4% annually.

I'm reporter Lee Hyungwon.

[Reporter]
Our economy grew only 0.1% in the third quarter.

Better than the second quarter of negative growth,

It fell far short of the 0.5% expected by the Bank of Korea and markets.

Considering the base effect of the previous quarter, the disappointment is even greater.

Making a poor report card is an unexpected slump in exports.

Exports fell 0.4 percent, led by automobiles and chemicals.

The growth contribution of net exports, taking into account the increase in imports, reached minus 0.8%p.

It is a level that undermines domestic performance, which contributed nearly 1%p to growth due to increased private consumption and facility investment.

[Shin Seung-cheol / Director of Economic Statistics, Bank of Korea: We forecast 0.5% in the third quarter when we forecast August, but there seems to be a difference between the forecast and the performance value on the export side. The IT sector saw a slight slowdown in growth, followed by the non-IT sector, which was more sluggish than expected.

The Bank of Korea expects the positive trend to continue for the time being, although export growth has declined.

However, they were concerned that uncertainty was high as the global manufacturing economy was slowing and the Chinese economy was sluggish mainly in domestic demand.

"In order to achieve the previously forecast annual growth rate of 2.4%, we need to grow by more than 1.2% in the fourth quarter, but it is not easy."

As a result, this year's growth rate is likely to be adjusted below 2.4% in the revised forecast to be released next month.

I'm Lee Hyungwon of YTN.

Video editing: Lee Eun-kyung
Graphic: Park Yoo