Al-Qasabi Participates in Saudi-Moroccan Business Forum    Saudi Arabia to Host ACI Asia-Pacific's New Office in the Middle East    NTDP Launches "MVPlab" to Support and Enable Innovative Technology Entrepreneurs    Riyadh International Book Fair 2022 Award worth SR300,000 launched    Customer service, aviation, parcel, and optical among sectors witnessing more Saudization in coming six months    Commander of Joint Forces Receives Yemeni Minister of Defense    Minister of Defense and U.S. Secretary of Defense Review, in a Phone Call, Strategic Partnership Between the Two Countries    Al-Mudaifer: Saudi Arabia to become global supplier of hydrogen, center for green minerals    stc launches Center3 to enhance digital economy growth in Saudi Arabia    Governor of Jeddah Inaugurates Middle East Education and Training Exhibition    Saudi Arabia records 155 new COVID-19 cases, 3 death    Muscat Stock Exchange Index Ends Trading Lower    KSrelief Distributes 500 Food Baskets to Syrian Refugees in Lebanon    Spare production capacity is not responsibility of KSA alone: Aramco CEO    KSrelief Provides Relief Assistance for 20,537 People Affected by Floods in Pakistan    Cabinet commends Kingdom's performances in global indicators    Saudi Exports Development Authority Organizes Work of Saudi Commercial Mission to Morocco    Ponniyin Selvan: Mani Ratnam's epic drama fires up India box office    Wall Street Closing    Asian Shares Rise    North Korea fires ballistic missile over Japan    Ukraine tank breakthrough in south toward Kherson    Elon Musk under fire for inflammatory Ukraine Twitter comments    Saudi National Music Band to perform in Paris Friday    Riyadh symposium underscores need to globalize traditional Saudi dish Jareesh    Chairman of Board of Directors of Saudi Esports Federation Highlights the National Gaming and Esports Strategy    RCU launches Safar art exhibition at AlUla airport    Saudi Arabia retains its seat in ITU Council by international consensus    Fans of Sydney United 58 condemned for Nazi salutes during Australia Cup final    Fans 'died in the arms' of players in Indonesia stadium crush    Al-Manea: Selling gold in installments is not permissible    174 dead in Indonesian football stadium crush    15 cups of Saudi coffee in a day are enough!    Riyadh hosts first Saudi Games on Oct. 27    Movies return to Kashmir with Hrithik Roshan-starrer    Islamic Minister Al-Sheikh: Juristic judgment catalyst to salvage Islamic Ummah    Culinary Arts Commission Registers 13 Foods on Slow Food List of Endangered Food    72% of Children Globally have been Victims of Cyber Threats    Saudi National Football Team Continues Preparations for Friendly Match against Ecuador    Saudi Futsal Team Beats San Marino, Wins Silver in Croatian International Championship    During 2nd Global AI Summit.. AI-powered Early Breast Cancer Detection Program Launched    Triple talaq: India Muslim women in limbo after instant divorce ruling    Film Commission Reviews Film Industry Prospects in Saudi Arabia at Venice International Film Festival    Saudi national volleyball team loses to Kyrgyzstan in Asian Challenge Cup final    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



South Korean Economy Grows at Faster Pace in Q2 on Robust Private Spending
Published in Saudi Press Agency on 26 - 07 - 2022

The South Korean economy grew at a faster pace in the second quarter than three months earlier as private spending picked up due to eased COVID-19 restrictions despite a fall in exports, Yonhap quoted the central bank as said Tuesday.
The country's gross domestic product (GDP), the broadest measure of economic performance, grew 0.7 percent on-quarter in the April-June period, accelerating from a 0.6 percent increase in the first quarter, according to an advance estimate from the Bank of Korea (BOK).
It marked the eighth straight quarterly growth since the third quarter of 2020, when GDP rose 2.3 percent on-quarter.
The on-quarter growth picked up in the second quarter as consumer and government spending rose despite a decline in exports. Asia's fourth-largest economy expanded 2.9 percent on-year in the second quarter.
Consumer spending rose 3 percent on-quarter in the second quarter, as spending on semidurable goods and in-person services, such as accommodations and restaurants, increased.
On April 18, South Korea lifted most COVID-19 restrictions, except the mask mandate, in a major step toward returning to pre-pandemic life.
Government spending increased 1.1 percent due to increased fiscal spending aimed at coping with the pandemic.
In May, the country created a record extra budget of 62 trillion won (US$47 billion) to support pandemic-hit merchants and vulnerable people.
But exports, which account for half of the Korean economy, shrank 3.1 percent last quarter, compared with a 3.6 percent on-quarter increase in the first quarter.
The BOK said if the South Korean economy grows 0.3 percent on-quarter in both the third and fourth quarter, the yearly growth is likely to meet its forecast of 2.7 percent.
But it noted downside risks to economic growth remains high due to soaring inflation and economic slowdowns in major economies.
In June, the government lowered its 2022 economic growth outlook to 2.6 percent, while sharply raising this year's inflation outlook to a 14-year high of 4.7 percent. The BOK's 2022 inflation forecast stood at 4.5 percent.


Clic here to read the story from its source.