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Financial News: South Korea Q2 GDP Expands 1.1% On Quarter

South Korea Q2 GDP Expands 1.1% On Quarter

07/24/2019 - 19:46:00 (RTTNews)

(RTTNews) - South Korea's gross domestic product gained a seasonally adjusted 1.1 percent on quarter in the second quarter of 2019, the Bank of Korea said in Thursday's advance estimate.

That follows the 0.4 percent contraction in the previous three months.

Real gross domestic income fell 0.6 percent on quarter, the bank said.

On the expenditure side, private consumption was up 0.7 percent, with expenditures on semi-durable goods rising.

Government consumption rose 2.5 percent, mainly due to increased health care benefits. Construction investment expanded 1.4 percent, as civil engineering increased while residential building construction decreased.

Facilities investment grew 2.4 percent, led by the growth of investment in transportation equipment.

Exports increased 2.3 percent, as exports of goods such as motor vehicles and semiconductors expanded. Imports were up 3.0 percent, owing to increased imports of machinery.

On the production side, agriculture, forestry and fishing production decreased 3.7 percent, as crop yields declined. Manufacturing rose 1.8 percent, mainly due to an increase in computer, electronic and optical products. Electricity, gas and water supply expanded 8.3 percent as sales of electricity expanded.

Construction was up 1.4 percent, with an increase in specialized construction and non-residential building construction. Services grew 0.6 percent, led by business activities and health and social work.

On a yearly basis, GDP climbed 2.1 percent, accelerating from 1.7 percent in the three months prior.

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