Seoul: The South Korean economy grew 0.6% in the second quarter from a quarter earlier on robust exports, with 3% annual growth within reach, central bank data showed Thursday. The country's real gross domestic product (GDP), a key measure of economic growth, rose 0.6% in the April-June period from three months earlier, according to advance data from the Bank of Korea (BOK).
According to Qatar News Agency, exports rose 1.4% from the previous quarter and imports increased 0.8%. South Korea's outbound shipments reached a record US$102.25 billion in June, up 70.9% from a year earlier and surpassing the $100 billion mark for the first time. Net exports contributed 0.3 percentage point to the quarterly GDP growth, and private consumption contributed 0.2 percentage point.
Government spending edged up 0.2%, and facility investment increased 0.2% on a quarterly basis. Real gross domestic income (GDI) rose 15.6% on-year in the second quarter, marking the highest level since the first quarter of 1988.
The South Korean economy contracted by 0.2% in the first quarter of 2025 before recovering in the following quarters. However, it backtracked in the fourth quarter amid weak facility investment and a downturn in the construction sector.