Korea's second quarter GDP up 2.9% on year

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Korea's second quarter GDP up 2.9% on year

Published: 26 Jul. 2022, 09:19

Streets in Myeong-dong, central Seoul, are shown on April 26. Korea’s economy grew 2.7 percent in the second quarter compared to a year earlier, according to a preliminary report released by the Bank of Korea on Tuesday. [NEWS1]

Korea’s economy grew 2.9 percent in the second quarter from a year earlier, according to a preliminary report by the Bank of Korea Tuesday.
The growth was led by private spending, which grew 4.0 percent on year, and government spending, which jumped 4.1 percent in the same period. Spending on semi-durable goods such as apparel and shoes, and services including accommodations and restaurants, contributed to the boost in private spending.

Exports grew 4.7 percent and imports were up 1.7 percent on year.

Compared to the previous quarter, exports fell by 3.1 percent, as exports of goods such as chemical products and basic metals decreased. Imports also declined from last quarter by 0.8 percent, owing to decreased imports of crude oil and natural gas.

BY JIN MIN-JI [jin.minji@joongang.co.kr]