South Korea's economy sped up faster than expected in the second quarter, flattered by headline improvements in trade although weaker consumer and business spending add to the case for the central bank to loosen its restrictive monetary policy.
Gross domestic product grew by a seasonally adjusted 0.6% in April-June on a quarterly basis, according to preliminary estimates from the Bank of Korea, after a 0.3% increase in the preceding three months.of economists and marked the biggest quarterly growth since the second quarter of 2022.
"Qualitatively, it is not so positive as the headline figure indicates," said Park Sang-hyun, chief economist at HI Investment Securities. Private consumption as well as facility and construction investments were all weaker than the quarter before, down 0.1%, 0.2% and 0.3%, respectively, while government spending dropped 1.9%, the biggest since early 1997.
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