SINGAPORE (ICIS)–South Korea’s economy
expanded by 5.9% year on year in the second
quarter on the back of a continued recovery in
private consumption, exports and manufacturing,
official preliminary data showed on Tuesday.
The expansion in the second quarter follows the
1.9% year-on-year growth in the country’s GDP
in the first quarter and marks the fastest pace
in a decade, the Bank of Korea (BOK) said in a
Manufacturing expanded by 13.7% year on year in
the second quarter, accelerating from the 4.1%
growth in the first quarter.
Private consumption rose by 3.6% year on year
in the second quarter, jumping from the 1.2%
expansion in the first three months of the
Exports surged by 22.4% year on year in the
second quarter, accelerating from the 5.1% rise
in the first quarter.
Construction contracted by 3.5% year on year in
the second quarter, worsening from the 3.2%
contraction the first three months of 2021.
South Korea’s GDP grew at a seasonally-adjusted
0.7% in the second quarter from three months
earlier, the central bank said.