S Korean growth speeds up in Q2
Thursday, 26 July 2007
SEOUL, July 25 (AFP): South Korea's economy grew faster in the second quarter compared to three months earlier due mainly to robust exports and strong manufacturing output, the central bank said today.
Gross domestic product rose 1.7 per cent quarter-on-quarter compared with a 0.9 per cent gain in January-March, according to an advance estimate by the Bank of Korea.
It was the strongest quarterly growth since a 1.7 per cent rise in October-December 2005.
Year-on-year the economy grew 4.9 per cent compared to a 4 per cent increase in the first quarter.
"Although the construction sector was sluggish, the service industry maintained a sound growth and the manufacturing sector switched to an upturn," the central bank said in a statement.
Gross domestic product rose 1.7 per cent quarter-on-quarter compared with a 0.9 per cent gain in January-March, according to an advance estimate by the Bank of Korea.
It was the strongest quarterly growth since a 1.7 per cent rise in October-December 2005.
Year-on-year the economy grew 4.9 per cent compared to a 4 per cent increase in the first quarter.
"Although the construction sector was sluggish, the service industry maintained a sound growth and the manufacturing sector switched to an upturn," the central bank said in a statement.