[Breaking News] Q2 GDP Growth Rate Preliminary Estimate 0.7%... Private Consumption Up 2.9%

Containers are stacked at Busan Port Sinsundae Pier.
[Image source=Yonhap News]

South Korea's GDP growth rate for the second quarter of this year recorded 0.7%. This was the same as the preliminary figure announced in July, but private and government consumption were revised downward, while facility investment was partially revised upward.

According to the provisional '2022 Q2 Annual Real Gross Domestic Product (GDP)' released by the Bank of Korea on the 1st, South Korea's real GDP grew by 0.7% compared to the previous quarter. It grew by 2.9% compared to the same period last year.

Private consumption increased by 2.9%, which is 0.1 percentage points lower than the preliminary figure, and government consumption was 0.7%, down 0.4 percentage points. Construction investment increased by 0.2% as civil engineering construction decreased but building construction increased, and facility investment increased by 0.5%.

On the other hand, exports decreased by 3.1%, mainly due to chemical products and primary metal products, and imports decreased by 1.0%, mainly due to crude oil and natural gas.

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