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S. Korea’s H2 GDP up 0.7% GNP down 0.4%

Collected: 2016.07.27

Distributed: 2016.07.28

Source: Go Direct

South Korea’s gross domestic product (GDP) grew 0.7 percent in the second quarter of this year, up slightly from 0.5 percent pace in the first but nevertheless hovering below 1 percent for three straight quarters, according to the Bank of Korea data Tuesday.

The April-June GDP valued 375.04 trillion won ($330.4 billion) after seasonal adjustment, up 0.7 percent from the previous quarter. Against the same period last year, it grew 3.2 percent.

There was slight improvement in private consumption, capital investment and exports from the first quarter.

Private consumption that contracted 0.2 percent in the first quarter from the previous gained 0.9 percent in April-June period led by spending in durable goods.

The nation’s exports grew 0.9 percent thanks to pickup in shipment of semiconductor and petroleum and chemical products. Imports rose 1.9 percent.

By industry, the agricultural, forestry and fishing sector fell 6.1 percent but the manufacturing sector increased 1.3 percent on automobile and chemical industrial activity. The service sector rose 0.5 percent.

The gross domestic income adding net income from overseas in the second quarter fell 0.4 percent in the second quarter, the first fall since the first quarter of 2011.

By Boo Jang-won

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