South Korea’s economy grows 0.3% in Q2, misses estimates
The BOK reported that an increased number of MERS cases negatively affect consumer spending as people refrained from heading to crowded areas like shopping centers.
On a yearly basis, meanwhile, South Korea’s economy expanded 2.2% in the April- June period compared with a growth rate of 2.5% in the first quarter. The data also showed that private consumption declined 0.3% while facility investment and construction investment rose 0.4% and 1.7%, respectively. Exports edged up 0.1% on a quarterly basis in the second quarter while on a yearly basis, exports fell for a sixth consecutive month in June. Growth in service industry production, meanwhile, slowed to 0.1% in the second quarter after expanding 0.9% in the previous quarter.
South Korea’s Q2 growth rate also missed the BOK’s growth forecasts, which called for a growth rate of 0.4% in the second three months. In June, the bank cut its growth forecast for 2015 to 2.8% from the previously estimated growth rate of 3.1% while it kept its inflation estimate stable at 0.9%.
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