South Korea GDP Climbs 0.7% In Q2

(RTTNews) - South Korea's gross domestic product expanded a seasonally adjusted 0.7 percent on quartering the second quarter of 2022, the Bank of Korea said in Tuesday's advance estimate.

That exceeded expectations for an increase of 0.4 percent and was up from 0.6 percent in the three months prior.

On an annualized basis, GDP was up 2.9 percent - again topping forecasts for 2.5 percent and easing slightly from the 3.0 percent expansion in the first quarter of 2022.

Real gross domestic income was down 1.0 percent on quarter and 0.5 percent on year.

On the expenditure side, private consumption was up by 3.0 percent, as expenditures on semi-durable goods (e.g. clothing and footwear) and services (e.g. recreation and culture, restaurants and accommodation) increased.

Government consumption rose by 1.1 percent, with increased expenditures on social security benefits in kind.

Construction investment grew by 0.6 percent, as building construction increased. Facilities investment contracted by 1.0 percent, due to a decrease in transportation equipment.

Exports fell by 3.1 percent, as exports of goods such as chemical products and basic metals decreased. Imports declined by 0.8 percent, owing to decreased imports of crude oil and natural gas.

On the production side, agriculture, forestry and fishing decreased by 6.4 percent, as crop yields declined. Manufacturing fell by 1.1 percent, due to decreases in chemicals and chemical products and basic metals.

Electricity, gas and water supply declined by 0.5 percent, due to a decrease in electricity. Construction grew by 0.2 percent, owing to an increase in building construction.

Services rose by 1.8 percent, as wholesale and retail trade, accommodation and food services, transportation and storage and cultural and other services increased.