Finance, Insurance Post Highest Growth in 7 Quarters

Write : 2017-09-02 14:33:15 Update : 2017-09-02 14:47:15

Finance, Insurance Post Highest Growth in 7 Quarters

South Korea's finance sector posted strong growth in the second quarter.

According to Bank of Korea statistics on national income released Friday, the tentative GDP growth rate in finance and insurance is tallied at two-point-two percent between April and June, compared to the previous quarter. 

The figure is sharply up from zero-point-three percent in the first quarter and it's the highest since the third quarter of 2015.

For better perspective, the entire services sector grew point-eight percent in the second quarter. 

Most industries across the service field grew by under one percent with the exception of health and welfare and cultural services both posting two-point-three percent growth in the second quarter.

A Bank of Korea official attributed the more than two percent growth in the finance sector to increased loans and improved performance of insurers. 

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