South Korea's Q2 GDP grows 0.8% QoQ

India Infoline News Service | Mumbai |

The won rose 0.15% to 1,050.40 per dollar as of 10:52 a.m. in Seoul. The Kospi share index rose ~0.2% at 2,172.

South Korea's second-quarter GDP growth moderated to 0.8% from the previous quarter, the Bank of Korea reported on Wednesday.


It compared with a 1.3% expansion in the first-quarter, and a 0.9% consensus estimate from economists.


The South Korean economy grew by 3.4% from a year earlier, slower than estimates of a 3.5% expansion.


The won rose 0.15% to 1,050.40 per dollar as of 10:52 a.m. in Seoul. The Kospi share index rose ~0.2% at 2,172.



Export growth slowed to 1.8% during the period, against 3.3% in the previous quarter. Imports rose to 2.8%, compared to 1.2% in the previous quarter, the Bank of Korea reported.


Private consumption increased to 1%, from 0.4%, the report said.


The government cut its growth forecast to 4.5% from 5% for this year while the central bank projected a 4.3% increase, lower than an earlier 4.5% prediction.


Policy makers said yesterday they are committed to containing inflation at 4% this year as price gains have exceeded the central bank’s target limit each month since January.


Both, the central bank and the Finance Ministry project 4% inflation this year.


The central bank has boosted the benchmark seven-day repurchase rate every two or three months this year, most recently in June to 3.25%. It will review rates on Aug. 11. The Bank of Korea will probably next raise interest rates in September.


 

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