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S. Korea's Economy Grows 0.7% in Q2

Written: 2022-07-26 08:46:25Updated: 2022-07-26 09:59:27

S. Korea's Economy Grows 0.7% in Q2

Photo : KBS News

The economy grew zero-point-seven percent in the second quarter from the previous quarter thanks to a recovery in private consumption with eased social distancing measures.

The Bank of Korea on Tuesday issued the quarterly estimate on the country's gross domestic product(GDP) for the April-to-June period.

The zero-point-seven percent growth represents a rise of one-tenth of a percentage point from the previous quarter.

The on-quarter growth rate posted a gain for the eighth consecutive quarter.

The central bank said its annual growth target of two-point-seven percent will be achieved if the economy logs an on-quarter growth of zero-point-three percent each in the third and fourth quarters. 

Compared to a year earlier, the second quarter figure constitutes two-point-nine percent growth. 

Private consumption increased on-quarter by three percent in the second quarter while facility investment decreased by one percent.

Exports declined three-point-one percent, the worst performance since the second quarter of 2020. Imports dropped zero-point-eight percent.

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