Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP NEWS AGENCY) = As private consumption and investment turned downward, the GDP in the second quarter decreased by 0.2% compared to the previous quarter. However, in the first half of the year as a whole, it grew by 2.8% compared to the same period last year, recording the highest growth rate since the first half of 2022.

According to the ‘2024 Q2 Real GDP(Preliminary Report)’ released by the Bank of Korea on the 25th, real GDP in the second quarter decreased by 0.2% compared to the previous quarter. Compared to the same period last year, it grew by 2.3%.

The Bank of Korea explained, “Real GDP in the second quarter decreased by 0.2% compared to the previous quarter due to the base effect from the sharp 1.3% growth in the previous quarter,” and “For the first half of the year as a whole, it grew by 2.8% compared to the same period last year, recording the highest growth rate since the first half of 2022.”

It added, “This year, our economy is expected to show a growth trend that is broadly in line with the 2.5% forecast in May, with domestic demand recovering gradually as prices stabilize and export growth continuing its healthy trend.”

Looking at this growth rate by expenditure item, both domestic demand and net export growth contributions recorded -0.1%p. Real gross domestic income(GDI) decreased by 1.3%, falling short of the real GDP growth rate.

By Soon-ki Lee(s8789@nspna.com) and Soo-in Kang(sink606@nspna.com)

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