S. Korea economy grows 0.6% while gross national income decreases in Q2

2분기 경제성장률 0.6% '불황형 성장' GNI는 감소

The South Korean economy managed to keep up in the second quarter, only to expand point-6 percent as imports fell greater than exports.
Our Park Kun-woo has the details.

South Korea saw slight economic growth in the second quarter of 2023 despite an overall decrease in exports and imports.
Preliminary data revealed by the Bank of Korea on Tuesday showed that real gross domestic product increased 0-point-6 percent in the second quarter compared to quarter one.
That figure was identical to the bank's forecast in July.
Despite export increases for chips and automobiles in the April to June period, total exports fell 0-point-9 percent on-quarter, while imports were down 3-point-7 percent mainly due to a decrease in shipments of oil and gas.
Private consumption, government consumption, and investments, all shrank in the second quarter, while investment in facilities, including investment in machinery was the only category that saw growth.
South Korea had seen positive on-quarter growth for nine consecutive quarters beginning in the third quarter of 2020,
that is until the country slipped into negative growth in the last quarter of 2022.
Growth was back in positive territory in quarter one of 2023 on the back of a small rise in private consumption.

"The economic growth is projected to continue improving as consumption will rise and sluggish exports will ease in the future as well."

The official also added that uncertain factors such as China's slower-than-expected recovery and concerns of the U.S.' additional tightening policies still remain.
And, according to the central bank, South Korea's real gross national income fell 0-point-7 percent on-quarter in the second quarter, which was mainly attributed to worsened terms of trade.
Park Kun-woo, Arirang News.

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2023-09-05, 18:00 (KST)