Seoul: The South Korean economy grew 0.6 percent in the second quarter on the back of a recovery in private consumption and robust exports.
According to Qatar News Agency, the Bank of Korea (BOK) said that the country’s real gross domestic product (GDP), a key measure of economic growth, rose 0.6 percent in the April-June period from the previous quarter of this year, exceeding the market expectation of a 0.5 percent gain.
The quarterly growth followed an unexpected 0.2 percent contraction in the first quarter, which was the first decline since the second quarter of 2024. On a year-on-year basis, the economy expanded 0.5 percent in the second quarter, compared with a 0.1 percent contraction during the first three months of this year.
Exports increased 4.2 percent from three months earlier in the second quarter, led by strong global demand for semiconductors and petrochemical products. Private spending went up 0.5 percent in the second quarter, as expenditure on automobiles and culture increased, among other things. Government spending gained 1.2 percent.
However, facility investment dipped 1.5 percent, while construction investment also shed 1.5 percent. In 2024, Asia’s fourth-largest economy grew 2 percent.