April 25, 2024
Economy
Korea’s economic growth slows in Q2
[THE INVESTOR] Korea’s economic growth slowed in the April-June period from a quarter earlier, central bank data showed on July 27.
In the second quarter, the country’s gross domestic product increased 0.6 percent, down from the previous quarter’s 1.1 percent gain, the Bank of Korea said in a statement.
Exports fell 3 percent in the June quarter compared with three months earlier and declined 0.1 percent from the previous year, which weighed on the economy, the statement said.
“A decline in shipments of transportation equipment, petrochemicals and chemical products drove down overall exports. But overseas demand for semiconductors remained strong in the second quarter,” it said.
The Korean economy grew 2.7 percent in the second quarter vis-a-vis the year before, down from 2.9 percent gains posted in the first three months of this year.
Gross domestic income remained unchanged from the previous quarter’s 2.6 on-quarter expansion, it said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
In the second quarter, the country’s gross domestic product increased 0.6 percent, down from the previous quarter’s 1.1 percent gain, the Bank of Korea said in a statement.
Exports fell 3 percent in the June quarter compared with three months earlier and declined 0.1 percent from the previous year, which weighed on the economy, the statement said.
“A decline in shipments of transportation equipment, petrochemicals and chemical products drove down overall exports. But overseas demand for semiconductors remained strong in the second quarter,” it said.
The Korean economy grew 2.7 percent in the second quarter vis-a-vis the year before, down from 2.9 percent gains posted in the first three months of this year.
Gross domestic income remained unchanged from the previous quarter’s 2.6 on-quarter expansion, it said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
