South Korea Q2 GDP Annual Growth Rate at 2%
The South Korean economy advanced 2.0 percent year-on-year in the second quarter of 2019, compared to a preliminary estimate of 2.1 percent and following a 1.7 percent expansion in the previous period. Growth was mainly boosted by utilities and services, while manufacturing growth slowed.
9/3/2019 11:30:47 AM
On the production side, growth was driven by utilities (13.3 percent vs 6.8 percent in Q1) and services (2.7 percent vs 2.3 percent). Meanwhile, the expansion slowed for manufacturing (0.8 percent vs 1.3 percent) and agriculture, forestry and fishing (0.4 percent vs 1.6 percent). In addition, construction output shrank for the seventh consecutive period (-3.6 percent vs -7.0 percent).
On the expenditure side, private consumption advanced 2.0 percent (vs 1.9 percent in Q1) and government spending rose 7.0 percent (vs 5.5 percent in Q1). Gross fixed capital formation declined for the sixth straight quarter (-3.4 percent vs -8.6 percent). Meantime, exports grew 1.2 percent (vs -0.2 percent in Q1) while imports were unchanged (vs -5.1 percent in Q1).
On a quarterly basis, the GDP expanded 1.0 percent, rebounding from a 0.4 percent contraction in the prior quarter and compared to the preliminary estimate of 1.1 percent.