Economic Bulletin | KDI 경제교육·정보센터

KDI 경제교육·정보센터

Economic Information and Education Center

News Briefing

Korea’s economy grows 0.6% in Q2 2023 (advance estimate)

Koreas real gross domestic product (GDP) rose 0.6 percent quarteron-quarter in the second quarter of 2023, according to the advance estimate released by the Bank of Korea (BOK) on July 25. The Korean economy grew 0.9 percent year-on-year. On the production side, agriculture, forestry and fisheries rose 5.5 percent quarter-on-quarter as crop yields increased. Manufacturing rose 2.8 percent as computer, electronic and optical products increased. Electricity, gas and water supply fell 6.0 percent, led by a decrease in water supply, sewerage, waste management and remediation activities. Construction declined 3.4 percent because of weak civil engineering works. Services were up by 0.2 percent as a result of robust activities for transportation and storage. On the expenditure side, private consumption fell 0.1 percent and government spending fell 1.9 percent. Construction investment dropped 0.3 percent as a result of weak activities for civil engineering works. Facility investment declined 0.2 percent, led by a drop in transportation equipment. Exports fell 1.8 percent as exports of petroleum products and transportation services were reduced. Imports fell 4.2 percent as domestic demand for crude oil and natural gas decreased.

Aug 2023