(LEAD) S. Korea's nominal GDP grows at fastest pace in 47 years in Q2

SEOUL, Sept. 8 (Yonhap) -- South Korea's nominal GDP experienced its fastest growth in 47 years during the second quarter, propelled by robust exports and AI-related investments, according to data from the Bank of Korea. The country's real GDP expanded by 0.6 percent quarter-over-quarter, aligning with the earlier BOK estimate, while construction and intellectual property investments saw slight increases and declines, respectively.

The economy contracted 0.1 percent in the fourth quarter of the previous year but rebounded 1.8 percent in the first quarter. Year-on-year, South Korea's economy grew 3.7 percent in the second quarter, surpassing the 3.8 percent growth in the first quarter. Exports surged by 1.3 percent quarter-over-quarter, driven by a surge in global demand for semiconductors and machinery.

Private consumption rose by 0.4 percent, while government spending climbed by 0.1 percent. On a nominal basis, South Korea's GDP expanded by 9.2 percent in the three-month period ending in June, marking the sharpest growth since the third quarter of 1979. The Bank of Korea's real GDP data also revealed a 8.8 percent increase in per capita gross national income (GNI) from a quarter earlier and a 26.4 percent rise from a year earlier, marking the steepest growth since the fourth quarter of 1988.