Citi has raised its growth forecasts for South Korea, with economist Kim Jin-wook saying the economy is likely to expand faster than previously expected despite a temporary slowdown in industrial output in August. He said auto production had been disrupted by labor strikes and summer holidays during the month, but the sector recovered in September. Citi lifted its 2026 GDP growth forecast for South Korea by 0.1 percentage point to 3.8% and raised its 2027 forecast by 0.2 percentage point to 3.3%. According to Kim, the revisions were driven by the rebound in the auto sector and solid manufacturing performance supported by strength in semiconductors. Citi also expects South Korea’s expansion, led by the chip industry, to continue through 2028. The report was cited by BlockBeats, which referenced Jin10 as the source.
Citi has raised its economic growth forecasts for South Korea, saying the country is likely to grow faster than previously expected even after a temporary slowdown in industrial production in August.
Kim Jin-wook, an economist at Citi, said auto production had been interrupted during August because of labor strikes and summer holidays. He said the sector had recovered in September.
Citi increased its 2026 South Korea GDP growth forecast by 0.1 percentage point to 3.8%. It also raised its 2027 forecast by 0.2 percentage point to 3.3%.
Kim said the upward revisions were mainly based on the recovery in the auto industry and strong overall manufacturing performance supported by a boom in semiconductors.
Citi expects South Korea’s economic expansion, driven by the chip sector, to continue through 2028.
The item was published by BlockBeats and cited Jin10.
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