According to the latest published by the Bank of KoreaNational economyStatistical Report, South KoreaEconomyIn the third quarter of 2023, 06%.EconomyMonth-on-month growth rate and 14%.Year-over-year growth rate。This growth momentum is in line with preliminary statistics and shows that South KoreaEconomyCurrent stability and recovery momentum. Among them, construction investment is one of the main driving factors, with a year-on-year increase of 38%；And the investment in equipment has been 42%, which became the biggest inhibitor. In addition,Intellectual PropertyInvestment and inventory investment also declined. In terms of exports of goods and services, South Korea increased by 31%, imports fell by 03%；* Consumer spending increased 1 year over year1%, private consumption expenditure increased by 02%。The performance of different industries,Construction industryThat's a year-on-year increase of 42%, and the service sector grew by 17%, agriculture and manufacturing each have 15% and 13%。
Construction industryPerformed well in the third quarter and became KoreanEconomyOne of the key factors for growth. This is mainly due to the advancement of various construction projects, from residential properties to commercial land developments, which have injected great vitality into the industry. At the same time, the service sector has also shown strong growth momentum, including in sectors such as entertainment, tourism, finance and retail. The development of these areas has not only led to employment and consumption growth, but also to the overall growthEconomyVitality. Agriculture and manufacturing have also achieved a certain level of growth for the countryEconomymade a positive contribution.
However, to the surprise of the South Koreans, Mexico in the first three quartersEconomyThe performance was better than that of South Korea, and it managed to catch up with South Korea. Mexico for several consecutive quartersYear-over-year growth rateIt remains above 3%, well above South Korea's 11%。In the first quarter of this year, MexicoEconomyThat's a growth of 35%, up 34%, up 33%。And throughout the first three quarters of 2023, Mexico'sEconomyThe growth rate reached 34%。This figure is more than 3 times the growth rate of South Korea!In addition to this, Mexico has a higher level of inflation and a relative appreciation of the peso's exchange rate. In dollar terms, Mexico's nominal GDP soared to $1,317.4 billion in the first three quarters, surpassing South Korea's $1,267.1 billion. MexicanEconomyThe pace of recovery was earlier and faster, which was impressive.
MexicoEconomyThe strong performance of the people is impressive. Mexico has always been a Latin American regionEconomyOne of the great powers, itsEconomyThe sustainability and stability of growth is admirable. MexicoEconomyThe performance benefited not only from the growth of export demand, but also from the recovery of domestic consumption and the increase in investment. Mexico is a member of the North American Free Trade Area (NAFTA) with the United States and CanadaEconomyThe ties are very close, which opens up new opportunities for Mexico. In addition, Mexico has actively promoted internal structural adjustments and reformsEconomyDevelopment has laid a solid foundation. Mexico's success in catching up is not only indicative of the countryEconomyThe vitality and competitiveness of other countries have also brought inspiration and reference.
Despite South KoreaEconomyIt is still in the recovery phase, but South Korean officials have a positive outlook on the second half of the yearEconomyDevelopment is optimistic. On the one hand,SemiconductorsThe increase in orders has led to the recovery of export demand, as has the recovery of tourism and the growth of national consumptionEconomyGrowth is fueled. On the other hand, globalEconomyThe growth outlook is better than expected, which is good for South KoreaEconomyhas had a positive impact. Compared to Europe, South Korea's inflation level is relatively well controlledEconomyGrowth provides a good environment. Expected for the whole of 2023, South KoreaEconomyThe growth rate is expected to expand to 14%, and it is expected to further increase to 21%。
South Korea has experienced the impact of the epidemicEconomyThe momentum of recovery is gradually emerging. South Korea serves as an important base for technology and manufacturing, especiallySemiconductorsThe development of the industry as:EconomyInjected with strong power. With the global focus onSemiconductorsThe demand for products has increased, and South Korea's advantages in this field have been brought into playEconomyWith growth comes many opportunities. In addition, South Korea** is also actively promotingEconomyStructural adjustment and industrial upgrading to upgradeEconomycompetitiveness and sustainability. However, South KoreaEconomyThere are still some challenges. On the one hand, the domestic market is fiercely competitive, and various industries are actively seeking breakthroughs and new growth points. On the other hand,InternationalFriction and globalEconomyInstability could have an impact on South Korea's exports and investment. Therefore, South Korea needs to continue to strengthen internal reforms, optimize its industrial structure, and improve its innovation capabilities to meet challenges and enhance its competitiveness.
South Korea has experienced the impact of the epidemicEconomyThe road to recovery will not be easy. Although Mexico surpassed South Korea's GDP in the first three quarters, South Korea'sEconomyThe recovery remains strong. South Korea** is actively taking measures to promote itEconomygrowth, and for the second half of the yearEconomyDevelopment is full of confidence. Future, South KoreaEconomyThere will still be many challenges, but there are also more opportunities for development. Koreans have tenacity and courage, and I believe that they will be able to get through it and make it happenEconomycontinued growth and prosperity.