영자신문읽기[고급] 신문 속 다양한 세상 이야기를 이제 영어로 만나보세요!
 |
|
 |
Second quarter GDP beats estimates as consumer returns
2022-08-01
Korea's economy grew faster than expected in the second quarter as spending by consumers freed of most Covid-related restrictions and spending by the government compensated for weakness in exports and investment.
Sentiment lifted a bit on the solid report.
The gross domestic product (GDP) was up 2.9 percent in the April-June period from the same period a year earlier, according to preliminary data from the Bank of Korea on Tuesday. Economists were forecasting 2.5 percent, according to Reuters.
Private spending was strong, up 4.0 percent, on sales of semi-durable goods, like apparel and shoes, and services, including those accommodation and restaurant related. Government spending rose 4.1 percent, centered on social security.
Exports grew 4.7 percent and imports were up 1.7 percent in the same period.
Compared to the previous quarter, exports fell 3.1 percent, as exports of goods such as chemical products and basic metals decreased. Imports declined 0.8 percent, due to a decline in imports of crude oil and natural gas.
"The GDP continued to grow as private spending recovered due to the lifting of social-distancing measures and an increase of government spending," said Hwang Sang-pil, director general of the central bank's economic statistics department during the press conference in central Seoul on Tuesday. "Exports centered on chemical products and primary metal goods shrunk due to the impacts of China's lockdowns."
Hwang added the 2.7 percent annual growth projected by the central bank in May can be reached if Korea reports 0.3 percent growth every quarter in the second half.
"There are chances that steep inflation and the spread of Covid-19 may aggravate consumption sentiment," he cautioned.
Facilities investment was down 7.9 percent on year, while construction investment fell 3.3 percent in the same period.
Service activity rose 6.0 percent on year, on strong sales from cultural activities and by accommodation and restaurant businesses. Agriculture, forestry and fishing-related activity increased 3.4 percent on year.
Compared to the previous quarter, GDP grew 0.7 percent, the eighth consecutive quarterly increase.
"Spending drove economic recovery in the second quarter," wrote Lim Hye-yoon, an economist at Hanwha Investment & Securities, in a report on Tuesday. "In the second half, downside risks from internal and external conditions are projected to grow, weakening the growth rate. It seems difficult for the economy to grow more than 2.5 percent in the second half."
Lim cited slow export recovery and investment.
Ha Keon-hyeong, an economist at Shinhan Investment, projected a mid-two percent annual growth for the economy, citing weakened purchasing power in developed nations due to fast inflation and hawkish monetary policies.
Despite the growth in GDP, Korea's gross domestic income (GDI) was down 0.5 percent on year. Compared to the previous quarter, the GDI was down 1.0 percent.
| 번호 | 기사목록 | 날짜 | 조회수 |
|---|---|---|---|
| 60 |
 |
2024-04-25 | 3503 |
| 59 |
 |
2024-04-24 | 4392 |
| 58 |
 |
2024-04-23 | 4357 |
| 57 |
 |
2024-04-22 | 4256 |
| 56 |
 |
2024-04-21 | 4307 |
| 55 |
 |
2024-04-20 | 4209 |
| 54 |
 |
2024-04-19 | 4469 |
| 53 |
 |
2024-04-18 | 4381 |
