Economy

South Korea's GDP up 0.6% in Q2 despite export decline

Growth comes with imports down, as consumption remains weak

20230725 South Korea Pyeongtaek port

A truck moves a shipping container at South Korea's Pyeongtaek port in July 2020. © Reuters

STEVEN BOROWIEC, Nikkei staff writer
July 25, 2023 08:58 JST
Updated on July 25, 2023 10:03 JST

SEOUL -- The South Korean economy grew faster than predicted in the second quarter, despite a decline in exports.

Quarterly growth in the April-June period came to 0.6%, up from 0.3% the previous quarter, according to the Bank of Korea. Gross domestic product contracted 0.4% in the fourth quarter of last year.

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