News Briefing
Korea grows 0.7% in Q2 2022
Aug 2022
Korea’s real gross domestic product (GDP) expanded 0.7 percent quarter-on-quarter in the second quarter of 2022, according to the Bank of Korea’s advance estimate released on July 26. The Korean economy grew 2.9 percent year-on-year.
On the production side, agriculture, forestry & fisheries fell 6.4 percent quarter-on-quarter as crop yields went down. Manufacturing dropped 1.1 percent as chemicals & chemical products and primary metals fell. Electricity, gas & water supply fell 0.5 percent due to weak electricity. Construction went up 0.2 percent backed by strong building construction. Services climbed 1.8 percent as wholesale & retail, hotels & restaurants, transportation & storage, entertainment & leisure services and other services rose.
On the expenditure side, private consumption rose 3.0 percent and government spending rose 1.1 percent. Construction investment went up 0.6 percent due to strong building construction. Facility investment fell 1.0 percent as transportation equipment went down. Exports fell 3.1 percent as chemical products and primary metals decreased, and imports fell 0.8 percent as crude oil and natural gas declined.
On the production side, agriculture, forestry & fisheries fell 6.4 percent quarter-on-quarter as crop yields went down. Manufacturing dropped 1.1 percent as chemicals & chemical products and primary metals fell. Electricity, gas & water supply fell 0.5 percent due to weak electricity. Construction went up 0.2 percent backed by strong building construction. Services climbed 1.8 percent as wholesale & retail, hotels & restaurants, transportation & storage, entertainment & leisure services and other services rose.
On the expenditure side, private consumption rose 3.0 percent and government spending rose 1.1 percent. Construction investment went up 0.6 percent due to strong building construction. Facility investment fell 1.0 percent as transportation equipment went down. Exports fell 3.1 percent as chemical products and primary metals decreased, and imports fell 0.8 percent as crude oil and natural gas declined.
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