ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Economy

South Korea logs fastest GDP growth in decade at 5.9% for Q2

Private consumption leads way but spending seen slowing amid COVID fight

A street in Seoul during a coronavirus resurgence in July. Consumption drove the economy in the second quarter but could slow in the third.   © Reuters

SEOUL -- South Korea's economy grew 5.9% on the year in the second quarter of 2021, as a recovery in private consumption and the government's aggressive expenditure led the way.

The Bank of Korea announced the country's gross domestic product for April-June on Tuesday, highlighting an increase in private consumption of both goods and services as the pace of COVID-19 vaccinations accelerated. The government also raised its outlays to support the economy.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more