SEOUL– South Korea’s economy grew at a slower pace in the second quarter from three months earlier on decreased manufacturing and construction, central bank data showed Friday.

The country’s gross domestic product (GDP) expanded 0.6 percent in the April-June period from the previous quarter, decelerating from a 1.1 percent on-quarter expansion three months earlier, according to preliminary data from the Bank of Korea (BOK).

From a year earlier, the local economy grew 2.7 percent in the second quarter, compared with a 2.9 percent on-year expansion in the previous quarter.

The BOK said manufacturing fell 0.3 percent in the second quarter from three months earlier, while construction contracted 1.3 percent.

Still, construction investment rose 0.3 percent in the second quarter mainly due to the growth of building construction, while facility investment grew 5.2 percent, led by the growth of investment in machinery and transportation equipment.

The BOK said consumer spending grew 1 percent in the second quarter from three months earlier, while exports fell 2.9 percent during the same period on decreased shipments of automobiles and chemical products.

Meanwhile, the BOK said the country’s real gross national income fell 0.6 percent in the second quarter from a quarter earlier due mainly to worsening terms of trade.

 

 

Source: Yonhap News Agency