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South Korea's on-quarter GDP growth revised down to 1 percent in Q2

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Christian Fernsby ▼ | September 3, 2019
South Korea port with containers
Asia   South Korea port with containers

South Korea's quarter-over-quarter gross domestic product (GDP) growth rate was revised down for the second quarter, central bank data showed Tuesday.

Topics: South Korea GDP

The seasonally-adjusted GDP stood at 459.8 trillion won (378.7 billion U.S. dollars) in the April-June quarter, up 1.0 percent from the previous quarter, according to the Bank of Korea (BOK).

It was downgraded from a 1.1 percent expansion unveiled in July by the BOK as a preliminary figure.

> From a year earlier, the real GDP grew 2 percent in the second quarter. It was lower than an increase of 2.8 percent for the same quarter of 2017 and a growth of 2.9 percent for the same quarter of 2018.

The BOK slashed this year's growth forecast for the economy from 2.5 percent to 2.2 percent in July, after cutting its benchmark interest rate from 1.75 percent to 1.50 percent in the month.

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