South Korea economy grows 2.3% in Q2 on government stimulus

25 July 2013 09:44  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s economy grew by 2.3% year on year in the second quarter on the back of the government's stimulus efforts and higher consumer spending, the country’s central bank said on Thursday.

Its government put in place an extrad budget of won (W) 17,300bn ($15.5bn) in April this year to boost the economy, the Bank of Korea (BOK) said in a statement.

On a year-on-year basis, exports were up 5.3% in the second quarter, while imports increased by 4.6%, it said.

The country’s manufacturing sector grew by 2% year on year in the second quarter, compared with the 1% growth posted in January-March this year, according to the central bank.

Its GDP grew by a seasonally-adjusted 1.1% in the June quarter from the preceding quarter, according to the BOK.

On a quarter-on-quarter basis, manufacturing rose 0.8% in the second quarter amid increased production of smartphones, semiconductors and petrochemicals, it said.

South Korea’s exports rose by 1.5% quarter on quarter in April-June 2013 while imports was up by 1.0%, the BOK added.

Earlier this month, the BOK said that it expects the country’s economy to expand by 2.8% this year, with the pace of growth accelerating to 4.0% in 2014.

($1 = W1,114)

By: Nurluqman Suratman

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