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South Korea avoids technical recession as GDP expands 0.6% in second quarter
SOUTH KOREA, JUL 23 – South Korea's GDP growth of 0.6% in Q2 was driven by a 4.2% rise in exports and a 0.7% increase in total consumption, helping avoid a technical recession.
- On Thursday , Bank of Korea reported the 0.6% quarterly GDP gain, noting that a technical recession has been avoided.
- Private consumption rebounded, Bank of Korea official Lee Dong-won said, while government spending rose 1.2%.
- Data from the Bank of Korea show exports rose 4.2%, driven by semiconductors and petrochemical shipments, while net exports and domestic demand each added 0.3 points.
- This modest expansion will support the case that the easing cycle remains intact, even if settings are held steady at the Aug. 28 policy meeting.
- South Korea faces a threatened 25% tariff on US exports if no deal is reached by Aug. 1, with exports making up more than 40% of GDP last year.
14 Articles
14 Articles
South Korea's economy grows 0.5% in Q2 despite trade tensions
SEOUL, South Korea – South Korea’s economy grew 0.5 percent in the second quarter, the country’s central bank said Thursday, as the Asian export giant grapples with renewed trade tensions. “Real gross domestic product (GDP) grew 0.5 percent compared to the same period last year,” the Bank of Korea said, adding that it grew by 0.6 percent from the previous quarter. READ: South Korea’s economy failed to grow in first quarter – central bank The qua…
S. Korea’s economy grows 0.6 pc in Q2 on solid exports, consumption recovery
Seoul, July 24 (IANS) The South Korean economy grew 0.6 per cent growth in the second quarter on the back of a recovery in private consumption and robust exports, central… Continue reading S. Korea’s economy grows 0.6 pc in Q2 on solid exports, consumption recovery The post S. Korea’s economy grows 0.6 pc in Q2 on solid exports, consumption recovery first appeared on Australia India News.
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