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South Korea posts higher economic growth in Q2

South Korea's GDP growth outperformed expectations in Q2, increasing by 0.6% from April to June, as reported by the Bank of Korea. This slightly surpassed Reuters economists’ forecast of a 0.5% rise, marking the highest quarterly growth since Q2 2022. Despite a 1.8% decrease in exports, net growth saw a positive contribution due to a sharper 4.2% fall in imports. However, weaker private consumption, facility and construction investments, and a 1.9% drop in government spending, the largest since early 1997, were recorded. The GDP for the quarter was 0.9% higher year-on-year, matching the growth in Q1. Despite this, predictions for 2023 indicate a decline to 1.4% growth, down from 2.6% in 2022.


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