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Economy Posts Growth for Second Straight Quarter with 0.6% in Q2

Written: 2023-07-25 08:28:45Updated: 2023-07-25 14:17:57

Economy Posts Growth for Second Straight Quarter with 0.6% in Q2

Photo : KBS News

The South Korean economy managed to post growth in the second quarter as imports decreased more than exports, but private consumption turned negative, boding ill for the economy going forward.

The Bank of Korea(BOK) estimated on Tuesday that the country's gross domestic product(GDP) grew zero-point-six percent in the April-to-June period from the previous quarter.

The economy expanded for the second consecutive quarter after logging growth of zero-point-three percent in the first quarter.

Private consumption and government spending decreased zero-point-one percent and one-point-nine percent, respectively, while investment in construction fell zero-point-three percent.

Exports dropped one-point-eight percent, and imports fell four-point-two percent.

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