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S. Korea's revised GDP down 0.2 pct on-quarter in Q2

0 Comment(s)Print E-mail Xinhua, September 5, 2024
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SEOUL, Sept. 5 (Xinhua) -- South Korea's revised real gross domestic product (GDP), adjusted for inflation, was down 0.2 percent in the second quarter compared to the previous quarter, central bank data showed Thursday.

It was unchanged from the preliminary figure unveiled in late July, marking the first decline in one and a half years, according to the Bank of Korea (BOK).

Export increased 1.2 percent in the April-June quarter, lower than an expansion of 1.8 percent in the January-March quarter.

Private consumption shrank 0.2 percent on weaker demand for clothing and cars, but fiscal spending advanced 0.6 percent in the second quarter from three months earlier.

Construction investment contracted 1.7 percent, while facility investment diminished 1.2 percent on lower machinery demand.

The seasonally-adjusted real gross national income (GNI), which measures the combined amount of income earned at home and abroad by people and businesses, dwindled 1.4 percent in the second quarter on a quarterly basis.

The GDP deflator, or the ratio of nominal GDP to real GDP to gauge the change of prices for all goods and services produced in the country, was up 4.8 percent in the second quarter, higher than the growth of 3.9 percent in the prior quarter. Enditem

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