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  • Writer's pictureJ&J Korea

South Korea GDP Annual Growth Rate

Updated: Sep 5, 2023

South Korea’s economy advanced 6 percent year-on-year in the second quarter of 2021, following a 1.9 percent rise in the previous period and slightly higher than a preliminary estimate of 5.9 percent.

GDP Growth Rate

It was the fastest expansion since the last quarter of 2010, partly due to the low base effect last year, but also due to a positive contribution from trade, as exports jumped 22.4 percent and imports rose 13.7 percent. At the same time, both private consumption (3.7 percent vs 1.2 percent in Q1) and government spending (5.3 percent vs 2.3 percent) increased at a faster pace. Gross fixed capital formation also expanded solidly overall (3.8 percent vs 4 percent). On a quarterly basis, Asia's fourth-largest economy advanced 0.8 percent, following a 1.7 percent gain in the previous quarter.


source: The Bank of Korea


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