Korean Economy News
Korea's Q2 GDP growth revised dn to 1.0%, negative deflator worst since 2006

Kim Yeon-joo and Cho Jeehyun

South Korea's economy in the second quarter added 1.0 percent from the previous quarter, revised down from preliminary 1.1 percent upon reflecting small contribution from government spending and exports.

The country's seasonally-adjusted real gross domestic product totaled 459.8 trillion won ($378.5 billion) in the April-June period, gaining 1.0 percent on quarter instead of 1.1 percent estimated in July, according to the Bank of Korea's finalized data on Tuesday.

Against a year ago period, GDP grew 2.0 percent, adjusted down from 2.1 percent in July.

The latest data went unnoticed in the markets. The main Kospi bourse gained 0.32 percent to 1,975.45, as of 10:37 a.m. Tuesday. The Korean currency was trading 1,214.60 won against the dollar, down 0.17 percent.

The central bank explained the figures were weaker than previously estimated after full reflection of economic activities in June.

Exports, the country's main growth driver, grew 2.0 percent, slower than 2.3 percent estimated in July. Imports rose 2.9 percent, also revised down from 3.0 percent.

Facility investment expanded 3.2 percent, stronger than previously reported 2.4 percent, mainly led by those in transportation equipments. The on-quarter addition was the strongest since first quarter of 2018. Construction investment gained 1.4 percent, the same as previously reported.

Private spending was up 0.7 percent on quarter, unchanged from the July preliminary data. Government spending addition was revised to 2.2 percent from 2.5 percent.

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