South Korea’s economy grew by 0.6% in the second quarter
South Korea’s real gross domestic product grew by 0.6% in April–June compared with the previous quarter. Growth was supported by strong exports and artificial intelligence-related investment, according to Bank of Korea data.
As The Korea Herald reports, the country’s economy grew by 3.7% year on year. In the first quarter, the annual growth rate stood at 3.8%.
Quarterly growth estimate confirmed
The 0.6% GDP growth figure matched the central bank’s preliminary estimate released last month. At the same time, the Bank of Korea raised its estimates for growth in construction investment and intellectual property investment by 0.1 percentage points each.
The estimate for the increase in government consumption, by contrast, was lowered by 0.1 percentage points.
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Nominal indicators increased
Nominal GDP in the three months ending in June rose by 9.2% compared with the previous quarter and by 26.4% year on year. The annual increase was the highest since the third quarter of 1979, when nominal GDP grew by 27.7%.
Nominal gross national income per capita increased by 8.8% quarter on quarter and by 26.4% year on year. Real GNI grew by 3.1% quarter on quarter and by 15.6% year on year, the highest annual figure since the fourth quarter of 1988.
Earlier, the Bank of Korea raised its forecast for the country’s economic growth in 2026 to 3.3%, citing resilient exports supported by the ongoing supercycle in the semiconductor industry.
