[South Korea’s economic quarterly growth exceeds expectations, chip boom drives exports and investment] October 27th: The chip boom driven by artificial intelligence (AI) boosts exports and investment. South Korea’s economy grew faster than expected in the third quarter, providing a basis for further interest rate increases. The Bank of Korea said on Tuesday that gross domestic product grew 1% in the three months to September from the previous quarter. This figure was higher than the 0.8% median forecast among economists. South Korea's economy grew by 3.4% year-on-year in the third quarter, higher than the 3.1% forecast. The year-on-year growth in the second quarter was 3.7%. The stronger-than-expected growth is further evidence that South Korea's chip boom is driving economic expansion despite external headwinds such as war in the Middle East. The Bank of Korea said economic growth this year and next is expected to be significantly higher than previously forecast. The central bank is scheduled to update its economic forecasts on November 26.