S. Korea's Q2 GDP grows at 0.7 Pct

TOKYO, July 26 (KUNA) -- The South Korean economy grew at a faster pace in the second quarter than three months earlier as private spending picked up due to eased COVID-19 restrictions despite a fall in exports, Yonhap News Agency reported Tuesday, citing central bank data.
The country's gross domestic product (GDP), the broadest measure of economic performance, grew 0.7 percent on-quarter in the April-June period, accelerating from a 0.6 percent increase in the first quarter, according to an advance estimate from the Bank of Korea (BOK).
It marked the eighth straight quarterly growth since the third quarter of 2020, when GDP rose 2.3 percent on-quarter, the report said. The on-quarter growth picked up in the second quarter as consumer and government spending rose despite a decline in exports.
On an annualized basis, Asia's fourth-largest economy expanded 2.9 percent on-year in the second quarter.
Consumer spending rose 3 percent on-quarter in the second quarter, as spending on semi-durable goods and in-person services, such as accommodations and restaurants, increased.
In April, the government lifted most COVID-19 restrictions, except the mask mandate, in a major step toward returning to pre-pandemic life. Government spending increased 1.1 percent due to increased fiscal spending aimed at coping with the pandemic.
However, exports, which account for half of the Korean economy, shrank 3.1 percent last quarter, compared with a 3.6 percent on-quarter increase in the first quarter.
The country's exports growth showed signs of losing steam amid heightened external economic uncertainty from the protracted war between Russia and Ukraine, and China's COVID-19 lockdowns, the report said. (end) mk.gta