South Korea GDP grows 0.7% in Q2
- 6 years ago
The Bank of Korea released its preliminary estimates for second quarter growth,... which show a slowdown from the previous qurater.
Kim Hyesung reports.
South Korea's GDP grew in the second quarter by zero-point-seven percent from the previous quarter.
The Bank of Korea says the country's GDP expanded by 398 trillion Korean won, or about 356 billion U.S. dollars between April and June.
It marks a slowdown from the first quarter's one-percent rise...mainly due to weaker investment and export growth.
Investment in business facilities contracted by six-point-six percent after growing over three percent the quarter before, mainly due to a cut in investment in both machinery and transportation equipment.
Construction investment also turned to a negative one-point-three percent, after gaining 1-point-8 percent in the first quarter.
Growth in exports, a major driver of Korea's economy, also slowed to zero-point-eight percent,... down from four percent in the first quarter.
Imports fell 2-point-6 percent due to cuts in imports of machinery and transportation equipment.
On the expenditure side, private consumption increased by zero-point-three percent on-quarter, logging the slowest growth in six quarters.
Government consumption also grew by zero-point-three percent on-quarter.
The second quarter growth figures mark a slight slow down from the first quarter.
But on-year, the local economy grew by two-point-nine percent.
The Bank of Korea says second quarter growth is in line with its projections and that if the third quarter and fourth quarters have between zero-point 82 and zero-point-94 percent growth rates, Korea's GDP growth for 2018 will hit the Bank's forecast of 2-point-9 percent.
Kim Hyesung, Arirang News.
Kim Hyesung reports.
South Korea's GDP grew in the second quarter by zero-point-seven percent from the previous quarter.
The Bank of Korea says the country's GDP expanded by 398 trillion Korean won, or about 356 billion U.S. dollars between April and June.
It marks a slowdown from the first quarter's one-percent rise...mainly due to weaker investment and export growth.
Investment in business facilities contracted by six-point-six percent after growing over three percent the quarter before, mainly due to a cut in investment in both machinery and transportation equipment.
Construction investment also turned to a negative one-point-three percent, after gaining 1-point-8 percent in the first quarter.
Growth in exports, a major driver of Korea's economy, also slowed to zero-point-eight percent,... down from four percent in the first quarter.
Imports fell 2-point-6 percent due to cuts in imports of machinery and transportation equipment.
On the expenditure side, private consumption increased by zero-point-three percent on-quarter, logging the slowest growth in six quarters.
Government consumption also grew by zero-point-three percent on-quarter.
The second quarter growth figures mark a slight slow down from the first quarter.
But on-year, the local economy grew by two-point-nine percent.
The Bank of Korea says second quarter growth is in line with its projections and that if the third quarter and fourth quarters have between zero-point 82 and zero-point-94 percent growth rates, Korea's GDP growth for 2018 will hit the Bank's forecast of 2-point-9 percent.
Kim Hyesung, Arirang News.