SEOUL (XINHUA) – South Korea’s gross domestic product (GDP) was revised up for the second quarter due to a strong recovery in private consumption, central bank data showed yesterday.
The revised figure for real GDP, adjusted for inflation, grew 0.8 per cent in the April-June quarter compared to three months earlier, according to the Bank of Korea (BOK).
It was up from the preliminary reading’s growth of 0.7 per cent announced on July 27. In the January-March quarter, the real GDP expanded 1.7 per cent on a quarterly basis.
The real GDP declined 1.3 per cent and 3.2 per cent in the first and second quarters of last year amid the economic slump from the COVID-19 pandemic, but it rebounded 2.2 per cent and 1.1 per cent in the third and fourth quarters.
Private consumption increased 3.6 per cent in the second quarter from the previous quarter, marking the fastest rise in 12 years since the second quarter of 2009.
It was revised up from a preliminary growth rate of 3.5 per cent. During the first quarter, the consumption grew 1.2 per cent compared with the prior quarter.
During the second quarter, the COVID-19 outbreak moderated, leading the government to ease the social-distancing rules and boost the consumer spending.
The pandemic, however, resurged here in July, indicating a lower-than-expected GDP increase for the third quarter.
The revised figure for fiscal spending and facility investment climbed 3.9 per cent and 1.1 per cent respectively during the second quarter.
Export, which accounts for about half of the export-driven economy, shrank two per cent in the second quarter, after rising two per cent in the first quarter. Import advanced 2.8 per cent in the second quarter.