© Reuters. FILE PHOTO: Women wearing face masks walk in a shopping area during the coronavirus disease (COVID-19) pandemic in Seoul, South Korea, March 16, 2022. Reuters/Heo Ran
Seoul (Reuters) (Reuters) – South Korea’s economy expanded by a seasonally adjusted 0.7 percent year-on-year in the second quarter, revised central bank data showed on Thursday, in line with forecasts released earlier.
Slightly higher than 0.6% in the first quarter, but lower than 1.3% in the last quarter of 2021, according to the Bank of Korea.
In terms of spending, private consumption rose 2.9 percent, while construction and facility investment rose 0.2 percent and 0.5 percent, respectively. Exports shrank 3.1%.
The country’s gross domestic product grew by 2.9 percent year-on-year, also in line with earlier estimates.
