Korea: Economic activity dips in September
Latest reading: Economic activity dropped 0.3% month-on-month in seasonally adjusted terms in September (August: +1.3% mom). September’s figure was partly due to deteriorations in the services, industrial and construction sectors, which more than outweighed growth in public administration. Construction has been a particular drag on the economy so far this year amid a high number of unsold properties; construction activity has fallen for seven of nine months in 2024.
On an annual basis, economic activity rose at a more moderate pace of 0.1% in September (August: +1.2% yoy), the worst result since July 2023.