Urgent.News

What's breaking now, across thousands of outlets.

Finance & Markets

2분기 명목 GDP 26.4% 증가...47년 만에 최고

Original Korean Read in English

The Korean economy experienced a remarkable 26.4% increase in nominal gross domestic product (GDP) in the second quarter, marking the highest level in 47 years. According to the Bank of Korea, real GDP growth was 0.6% year-over-year and 3.7% compared to the previous year, aligning with earlier projections. Nominal GDP saw a 9.2% increase, while real national income grew by 3.1% year-over-year and 15.6% compared to the previous year.

This growth was primarily driven by improved trade conditions, especially in the semiconductor sector, which resulted in a 26.4% rise in real national income compared to the previous year. The source further explained that this increase was attributed to construction investment (+0.1 percentage point) and investment in knowledge product manufacturing (+0.1 percentage point), while government consumption (-0.1 percentage point) was adjusted downward.

The significant rise in nominal national income was mainly due to the 18.5% increase in total operating surplus in manufacturing, along with the finance and insurance sectors. The decrease in nominal national income from foreign sources was counterbalanced by a boost in real trade surplus, leading to a real GDP growth rate of 0.6%, the highest since 1979.

Written by urgent.news from Hankyoreh's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

Read the original at hani.co.kr →

More in Finance & Markets

More from Monday 7 September →