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South Korean economy grows 3.3% in Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 02/09/2016 (15:41)
According to data released by South Korea’s central bank, the Bank of Korea (BOK), South Korea’s gross domestic product (GDP) grew 3.3% on a yearly basis in the second quarter, up from 2.8% in the previous quarter. The final figure was up from initial Q2 estimates at 3.2%.

GDP also posted a seasonally adjusted increase of 0.8% on the year from the previous initial reading of 0.7% in July.

Contributing to the growth, construction climbed 12.4 percent on an annual basis because of the increase in residential building construction and private consumption increased 3.3% from the first quarter of 2016. Construction investment was also up 10.8% on the year.

Exports rose 1.9% on the back of demand for semiconductors and chemical products. Imports also increased 3.3% on a yearly basis. However, facility investment decreased 2.7%.
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