S.Korea Q3 GDP likely 0.5 qq vs 0.6 in Q2
Exports recovering slowly, consumer spending to drag economists
2023 growth seen weakening to threeyear low of 1.2

SEOUL, Oct 24 Reuters South Korea39;s economic growth is expected to have weakened in the third quarter, as high borrowing costs weighed on consumer spending and exports recovered at a slow pace, a Reuters survey showed, pointing to a challenging last few months of 2023.

Gross domestic product GDP for the JulySeptember period is projected to have grown 0.5 quarteronquarter on a seasonally adjusted basis, according to the median forecast of 25 economists in the survey conducted Oct. 1823.

That compares with the 0.6 expansion in the second quarter, which was the fastest rate in a year and largely driven by net exports contribution which economists said would also underpin the September quarter.

South Korea39;s exports are slowly turning a corner, with the mildest fall in shipments seen last month in a yearlong downturn. Overall, however, the fragile global outlook remains a drag on offshore demand and on Asia39;s fourthlargest economy whose 2023 growth is set to be its slowest in three years.

Worryingly, the downturn in private consumption is expected to have deepened last quarter as high interest rates hurt spending.

The construction sector rebounded in the third quarter with the government easing property regulations and the manufacturing sector expanded on a recovery of the IT industry cycle, but the…