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Financial News: South Korea Q2 GDP Growth Slows More Than

South Korea Q2 GDP Growth Slows More Than Estimated

09/04/2018 - 00:37:00 (RTTNews)

(RTTNews) - South Korea's economic growth eased more than initially estimated in the three months ended June, latest figures from Bank of Korea showed Tuesday.

Gross domestic product advanced 0.6 percent sequentially in the second quarter, revised down from 0.7 percent rise seen in the flash report.

During the first quarter, the rate of expansion was 1.0 percent.

On the expenditure side, private consumption grew 0.3 percent over the quarter, while gross fixed capital formation declined by 2.9 percent.

Exports of goods and services gained 0.4 percent, while imports logged a fall of 3.0 percent

On an annual basis, GDP expanded at a steady pace of 2.8 percent in the June quarter.

The government forecasts the economy to grow 2.9 percent this year. The Bank of Korea also projected 2.9 percent growth for 2018, and 2.8 percent for 2019.

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