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S. Korea's revised GDP grows 0.6 pct in Q2

SEOUL
2023-09-05 16:32

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SEOUL, Sept. 5 (Xinhua) -- South Korea's revised gross domestic product (GDP) grew 0.6 percent in the second quarter due to a net export growth, central bank data showed Tuesday.

The revised real GDP, adjusted for inflation, expanded 0.6 percent in the April-June quarter compared to the previous quarter, according to the Bank of Korea (BOK).

It was unchanged from the preliminary reading unveiled in late July.

The real GDP kept an upward trend for the second straight quarter after reducing 0.3 percent in the fourth quarter of last year.

The net export, or export minus import, increased on the back of faster fall in import than export.

Export diminished 0.9 percent in the second quarter from the previous quarter, while import tumbled 3.7 percent.

Private consumption slipped 0.1 percent, and fiscal spending retreated 2.1 percent in the cited quarter.

Facility investment gained 0.5 percent, but construction investment dwindled 0.8 percent.

The seasonally-adjusted real gross national income (GNI), which measures the combined amount of income earned at home and abroad by people and businesses, fell 0.7 percent in the second quarter compared to the prior quarter.

The GDP deflator, or the ratio of nominal GDP to real GDP to gauge the change of prices for all goods and services produced in the country, added 0.5 percent in the cited quarter.
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