Bloomberg: "South Korea's 2Q Growth Rate -2.9% YoY...Strong Performance Among Major Countries"

[Image source=Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] According to Bloomberg News' compilation of real Gross Domestic Product (GDP) data from major countries, South Korea's growth rate was evaluated as relatively strong compared to most major countries, which recorded significant declines.

On the 1st (local time), Bloomberg's data on real GDP for the second quarter of this year showed that South Korea recorded a -2.9% year-on-year change, marking the smallest decline among major advanced countries that have announced their Q2 GDP so far.

Earlier, the United States reported its worst-ever Q2 growth rate at -9.5%, which translates to an annualized rate of -32.9%. In Europe, most countries experienced double-digit declines in Q2 growth rates, including Spain (-22.1%), France (-19.0%), Italy (-17.3%), and Germany (-11.7%). Hong Kong (-9.0%) and Singapore (-12.6%) also recorded significant drops.

The economic downturn during Q2 was prominent due to lockdown measures that effectively paralyzed the economy amid the COVID-19 pandemic.

While most countries recorded historic negative growth in Q2, China, which experienced the COVID-19 shock earlier in Q1, showed a 3.2% growth rate in Q2. China's Q1 growth rate was -6.8%, the lowest since statistics began being published in 1992.

This content was produced with the assistance of AI translation services.