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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.

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