S. Korea’s real GDP falls by 0.2% in Q2 ’24

South Korea’s real GDP fell by 0.2 per cent in the second quarter of 2024 compared to the previous quarter, the Bank of Korea reported on Thursday. Meanwhile, real gross national income (GNI) dropped by 1.4 per cent over the same period.

Manufacturing output increased by 0.8 per cent, driven by transport equipment. Construction activity declined by six per cent, with decreases in building construction and civil engineering.

The services sector saw mixed results, with growth in transport and real estate offsetting declines in information, communication, wholesale, retail trade, accommodation, and food services.

Attribution: Bank of Korea report

Subediting: M. S. Salama