[Breaking News] Q2 Economic Growth Rate 0.6%... Same as Preliminary Figure

The Bank of Korea announced on the 2nd that the real Gross Domestic Product (GDP) growth rate for the second quarter of this year (provisional, quarter-on-quarter) was recorded at 0.6%. This is the same level as the preliminary figure announced on July 25.

Consumption decreased in both the private and government sectors. Private consumption fell by 0.1%, mainly due to durable goods (such as clothing and footwear) and services (such as food and accommodation). Government consumption decreased by 2.1%, mainly due to social security in-kind benefits.

Investment showed mixed results: facility investment increased by 0.5%, with machinery rising despite a decline in transportation equipment, while construction investment decreased by 0.8%, mainly in civil engineering construction.

Exports decreased by 0.9%, as increases in semiconductors and automobiles were offset by declines in petroleum products. Imports fell by 3.7%, mainly due to decreases in crude oil and natural gas.

Compared to the preliminary figures, facility investment (up 0.7 percentage points) and exports (up 0.9 percentage points) were revised upward, while construction investment (down 0.5 percentage points) was revised downward.

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