Korea's nominal GDP grows at fastest pace in 47 years in Q2; $40,000 per capita GNI on track

Korea's nominal GDP experienced its fastest growth in 47 years during the second quarter, with the country on track to achieve a per capita gross national income (GNI) of $40,000, according to data released by the central bank. The Bank of Korea reported that real GDP, a key indicator of economic growth, increased by 0.6 percent in the April-June period from the previous quarter, matching the initial estimate released last month.

However, the data showed adjustments in various investment sectors, including construction and intellectual property investments, while government consumption growth was slightly reduced. Despite contracting by 0.1 percent in the fourth quarter of last year, Korea's economy rebounded by 1.8 percent in the first quarter and expanded by 3.7 percent on a yearly basis in the second quarter.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.