S. Korea economy grows 0.6% while gross national income decreases in Q2

2분기 경제성장률 0.6% '불황형 성장' GNI는 감소 The South Korean economy continued to grow at a sluggish pace in the second quarter up point-6 percent compared to the previous quarter. This comes amid a continued decline in the country's outbound shipments but with imports falling greater than exports. Our Park Kun-woo has the details. South Korea saw slight economic growth in the second quarter of 2023 despite an overall decrease in exports and imports. Preliminary data revealed by the Bank of Korea on Tuesday showed that real gross domestic product increased 0-point-6 percent in the second quarter compared to quarter one. That figure was identical to the bank's forecast in July. Despite export increases for chips and automobiles in the April to June period, total exports fell 0-point-9 percent on-quarter, while imports were down 3-point-7 percent mainly due to a decrease in shipments of oil and gas. Private consumption, government consumption, and investments, all shrank in the second quarter, while investment in facilities, including investment in machinery was the only category that saw growth. South Korea had seen positive on-quarter growth for nine consecutive quarters beginning in the third quarter of 2020, that is until the country slipped into negative growth in the last quarter of 2022. Growth was back in positive territory in quarter one of 2023 on the back of a small rise in private consumption. And, according to the central bank, South Korea's real gross national income fell 0-point-7 percent on-quarter in the second quarter, which was mainly attributed to worsened terms of trade. Park Kun-woo, Arirang News. #SouthKorea #economy #economic_growth #GNI #gross_national_income #Bank_of_Korea #consumption #investment #한국경제 #경제성장 #Arirang_News #아리랑뉴스 📣 Facebook :   / arirangtvnews   📣 Twitter :   / arirangtvnews   📣 Homepage : https://arirang.com/ 2023-09-05, 12:00 (KST)