Choi Sang-mok: "Q3 GDP Did Not Meet Expectations"

US Holds Level 1 Executive Video Conference on 23rd (Local Time)
"Domestic Demand Recovery Becomes Visible"

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok evaluated the preliminary estimate of the third quarter GDP released on the 24th as falling short of expectations.

While visiting Washington D.C., USA, to attend the G20 Finance Ministers' Meeting, Deputy Prime Minister Choi Sang-mok held a first-level executive meeting via video conference on the night of the 23rd (local time) and said, "Although domestic demand recovery centered on facility investment and consumption has become visible, growth momentum fell short of expectations as imports increased and exports adjusted during the domestic demand recovery process amid sluggish construction."

He added, "Given the increased uncertainty regarding the economy going forward, accelerate the implementation of domestic demand and livelihood measures announced so far, and closely examine and prepare response strategies by reviewing sectoral trends revealed through the third and fourth quarter GDP, as well as domestic and international conditions such as the U.S. presidential election, major countries' economies, and Middle East situation."