South Korea’s economy grew much faster than expected in the July-September quarter amid booming demand for chips used in artificial intelligence (AI). Gross domestic product (GDP) expanded 1 percent on a quarterly basis, or 3.4 percent year-on-year, advance estimates released by the Bank of Korea showed on Tuesday. The Bank of Korea forecast in August that GDP would grow 0.3 percent in the third quarter. Exports, which account for about 45 percent of South Korea’s GDP, rose 2.3 percent quarter-on-quarter, driven by semiconductors, machinery and electrical equipment, according to the central bank. Investment in facilities and intellectual property rose 4.1 percent and 2.3 percent, respectively, while investment in construction edged up 0.7 percent.
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