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Korea grows 0.7% in Q2 2022
Oct 2022
Korea’s real gross domestic product (GDP) rose 0.7 percent quarter-on-quarter in the second quarter of 2022, remaining unchanged from the advance estimate, according to the Bank of Korea’s preliminary estimate released on September 1. The Korean economy expanded 2.9 percent year-on-year.

On the production side, agriculture, forestry & fisheries went down 8.7 percent quarter-on-quarter. Manufacturing fell 0.7 percent as chemicals & chemical products and primary metals dropped. Construction declined 0.1 percent due to weak specialized construction. Services rose 1.8 percent as hotels & restaurants and transportation & storage went up, as well as entertainment & leisure services and other services.

On the expenditure side, private consumption rose 2.9 percent and government spending rose 0.7 percent. Construction investment increased 0.2 percent backed by strong building construction. Facility investment rose 0.5 percent as machinery investment went up. Exports fell 3.1 percent as chemical products and primary metals decreased, and imports fell 1.0 percent as crude oil and natural gas declined.
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