Seoul, July 23 (QNA) – The South Korean economy grew 0.6 % in the second quarter from a quarter earlier on robust exports, with 3 % annual growth within reach, central bank data showed Thursday.
The country’s real gross domestic product (GDP), a key measure of economic growth, rose 0.6 % in the April-June period from three months earlier, according to advance data from the Bank of Korea (BOK).
In detail, exports rose 1.4 % from the previous quarter and imports increased 0.8 %.
South Korea’s outbound shipments reached a record US$102.25 billion in June, up 70.9 % from a year earlier and surpassing the $100 billion mark for the first time.
Net exports contributed 0.3 percentage point to the quarterly GDP growth, and private consumption contributed 0.2 percentage point.
Government spending edged up 0.2 %, and facility investment increased 0.2 % on a quarterly basis.
Real gross domestic income (GDI) rose 15.6 % on-year in the second quarter, marking the highest level since the first quarter of 1988.
South Korean economy contracted by 0.2 % in the first quarter of 2025 before recovering in the following quarters. But it backtracked in the fourth quarter amid weak facility investment and a downturn in the construction sector. (QNA)