South Korea’s Economy Shows Signs of Recovery
(MENAFN) South Korea’s economy showed stronger-than-expected growth in the second quarter, with inflation-adjusted gross domestic product (GDP) rising 0.7 percent from the previous quarter, according to data released Wednesday by the Bank of Korea (BOK).
This figure was a revision from the preliminary 0.6 percent growth reported in July and marked a recovery after a 0.2 percent contraction in the first quarter.
Exports, which drive roughly half of South Korea’s economy, surged 4.5 percent in April through June, bouncing back from a 0.6 percent decline in the first quarter. Meanwhile, private consumption edged up 0.5 percent in Q2, reversing a 0.1 percent drop recorded earlier.
However, not all sectors showed strength: construction investment fell 1.2 percent, and facility investment declined 2.1 percent during the quarter.
The real gross national income, reflecting total earnings of residents and businesses domestically and abroad, grew by 1.0 percent on a quarterly basis in Q2.
Inflationary pressure intensified as the GDP deflator — which measures the change in prices for all goods and services produced in the country — rose 2.8 percent year-on-year in Q2, up from 2.4 percent in the previous quarter.
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