South Korea’s Ministry of Finance and Economy: South Korea’s economy overall maintains “stable growth”

China News Service, Seoul, November 13 (Kim Wook, Chen Yiling) The South Korean Ministry of Finance and Economy released a report on the 13th local time, saying that thanks to the substantial growth in exports and improvements in major economic indicators, the South Korean economy has maintained steady growth overall.

According to Yonhap News Agency, the South Korean government has adjusted its statement of economic recovery to "maintain steady growth," indicating that the South Korean government has a more positive judgment on the current economic situation. South Korea's real gross domestic product (GDP) increased by 1.0% in the third quarter from the previous quarter, which is considered to be one of the important factors for the government to increase its judgment on the economic situation.

As an important support for economic growth, South Korea's export momentum continues to be strong. Data show that South Korea's exports in October increased by 93.7% year-on-year, of which semiconductor exports increased by 259% year-on-year, and computer exports increased by 497% year-on-year. According to relevant data from the Korean Customs Service, as of November 10, South Korea’s cumulative export volume in 2026 has reached US$963.7 billion (approximately RMB 6.43 trillion). Based on the current average daily export level, it is expected to exceed the US$1 trillion annual export mark for the first time around November 20.

South Korea's Ministry of Finance and Economy stated that the uncertainty caused by the situation in the Middle East continues to exist, high oil prices have intensified the pressure on rising prices, the employment situation of vulnerable groups and some industries is severe, and the burden on people's livelihood is still heavy. South Korea's consumer price index (CPI) rose 2.8% year-on-year in October. During the same period, the number of employed people increased by 139,000 year-on-year. However, the number of manufacturing employment fell, and the number of employed people aged 15 to 29 years old has experienced negative growth for four consecutive years.

The South Korean government stated that in the face of uncertainty, it will take multiple measures to expand the basis for economic growth, further strengthen policy responses, promote the results of economic growth to benefit more groups, ensure the stability of people's livelihood and alleviate polarization.