The economy grew 0.7% in the second quarter from the first.
The Bank of Korea on Sept. 1 said GDP rose 0.7% in the second quarter from the first.
This kept the growth streak alive at eight straight quarters starting with a 2.3% rise in the third quarter of 2020.
By item, spending on semi-durable goods such as clothing and shoes and services like entertainment, food and accommodations rose 2.9%.
Facility investment saw a rise of 0.5% as expenditures on transportation equipment fell but those on machinery grew. That on construction investment gained 0.2% thanks mainly to building construction.
Government consumption edged up 0.7% thanks to in-kind benefits of social security.
But exports fell 3.1% due to sluggish performances by chemical and primary metal products and imports dipped 1% because of lower incoming shipments of crude oil and natural gas.
Choi Jung Tae, head of the national accounts coordination team of the central bank’s Economic Statistics Department, said, “According to a forecast by the Bank of Korea’s Research Department, the global economic slowdown influenced by the prolonged war in Ukraine and higher interest rates in major economies will weaken Korea’s economic growth by gradually worsening exports.”
“But with the return to daily life, private consumption is likely to see gradual recovery focused on in-person services.”
He added, “If growth reaches 0.1%-0.2% in the remaining third and fourth quarters of this year, the Bank of Korea can achieve its growth forecast for this year (2.6%).”
Source: Korea.net