SEOUL, Sept. 2 (Korea Bizwire) – South Korea’s economy grew at a faster-than-expected pace in the second quarter from three months earlier on increased local demand and exports, central bank data showed Friday.
In the April-June period, the country’s gross domestic product (GDP) expanded 0.8 percent from the previous quarter, accelerating from a 0.5 percent on-quarter expansion three months earlier, according to preliminary data from the Bank of Korea (BOK).
The latest reading marks a slight increase from an earlier estimate of a 0.7 percent on-quarter expansion in late July.
From a year earlier, the local economy grew 3.3 percent in the second quarter, compared with a 2.8 percent on-year expansion in the previous quarter.
The construction industry helped keep the local economy growing, with its output increasing 12.4 percent on-year, while output by the manufacturing industry climbed 2.2 percent on-year.
Construction investment went up 3.1 percent on-quarter, and facility investment also increased 2.8 percent.
The service industry expanded 3 percent on-year.
Consumer spending grew 3.3 percent on-year, while exports increased 1.9 percent.
Meanwhile, the BOK said the country’s gross national income moved up 0.8 percent, down from a 2.7 percent on-quarter growth in the first quarter.