Korea’s economy rebounds with 0.6% growth in Q2: BOK

Export containers stand at Pyeongtaek Port in Pyeongtaek, Gyeonggi, on July 21. [NEWS1]

 
The Korean economy grew 0.6 percent in the second quarter on the back of a recovery in private consumption and robust exports, central bank data showed Thursday.
 
The country’s real gross domestic product (GDP) — a key measure of economic growth — rose 0.6 percent in the April to June period from the previous quarter, according to preliminary data from the Bank of Korea (BOK).
 
 
The growth followed an unexpected 0.2 percent contraction in the first quarter, which was the first decline since the second quarter of 2024, as a domestic political crisis caused by former President Yoon Suk Yeol’s martial law declaration and uncertainties stemming from U.S. President Donald Trump’s sweeping tariff measures weighed on consumer spending and slowed export growth.
 
The 0.6 percent growth in the second quarter exceeded the market expectation of a 0.5 percent gain.
 
On a year-on-year basis, the economy expanded 0.5 percent in the second quarter, compared with a 0.1 percent contraction during the first three months of this year.
 
The BOK expected the Korean economy to grow 0.8 percent this year amid weak consumption and slowing export growth due to uncertainties stemming from Washington’s tariff measures.
 
In 2024, Asia’s fourth-largest economy grew 2 percent.

Yonhap