ECONOMY | Staff Reporter, Korea

South Korea GDP growth slows to 2.7% in Q2

Poor exports blocked the country's room for economic growth.

South Korea seesaws in economic performance after it reported a 2.7% GDP YoY for Q2 this year, lower than Q1's 2.9%

According to UOB's Global Economics & Markets Research, the country's merchandise export growth fell to 1.7% from Q1's 6.6%.

Weaker shipments of transportation equipment, petroleum and chemical products and services exports with a contraction of 13.3% dragged the GDP down.

UOB analyst Ho Woei Chen said, "The weaker exports as compared to the robust expansion in monthly export data (nominal values) is a reflection of lower real prices."

However, investment demand maintained with fixed investment growth at 10.0% YoY due to investments in equipment and production facilities offset moderation in construction.

Private consumption demand and government spending stood strong for the quarter.

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