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S. Korea Sees Slight Growth in Q2
S. Korea Sees Slight Growth in Q2

S. Korea Sees Slight Growth in Q2

S. Korea Sees Slight Growth in Q2

South Korea’s economy grew at a faster-than-expected pace in the second quarter from three months earlier on increased local demand and exports, central bank data showed Friday, Yonhap reported. In the April-June period, the country’s gross domestic product expanded 0.8% from the previous quarter, accelerating from a 0.5% on-quarter expansion three months earlier, according to preliminary data from the Bank of Korea.  The latest reading marks a slight increase from an earlier estimate of a 0.7% on-quarter expansion in late July. From a year earlier, the local economy grew 3.3% in the second quarter, compared with a 2.8% on-year expansion in the previous quarter. The construction industry helped keep the local economy growing, with its output increasing 12.4% on-year, while output by the manufacturing industry climbed 2.2% on-year. Construction investment went up 3.1% on-quarter, and facility investment also increased 2.8%. The service industry expanded 3% on-year. Consumer spending grew 3.3% on-year, while exports increased 1.9%. Meanwhile, the BOK said the country’s gross national income moved up 0.8%, down from a 2.7% on-quarter growth in the first quarter.

 

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