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[THE INVESTOR] The South Korean economy grew by less than 1 percent for the third straight quarter, raising concerns of a prolonged slowdown.
According to the Bank of Korea, the country’s gross domestic product for the second quarter of the year came to 375.04 trillion won (US$327.99 billion), growing 0.7 percent from the previous quarter.
In comparison, the country’s GDP recorded a 0.5 percent quarter-on-quarter growth during the first three months of the year. The figure for the final quarter of 2015 was 0.7 percent.
According to the Bank of Korea, the country’s gross domestic product for the second quarter of the year came to 375.04 trillion won (US$327.99 billion), growing 0.7 percent from the previous quarter.
In comparison, the country’s GDP recorded a 0.5 percent quarter-on-quarter growth during the first three months of the year. The figure for the final quarter of 2015 was 0.7 percent.
The second quarter GDP expanded 3.2 percent on-year.
While the GDP grew, gross domestic income dropped 0.4 percent over the same period. This is the first time since the first quarter of 2011 that Korea’s GDI recorded a quarter-on-quarter decline.
The BOK attributed the change to the rise in crude prices, and the relatively high growth rate of 3 percent recorded in the previous quarter.
By Choi He-suk (cheesuk@heraldcorp.com)
