Corea del Sur PIB - Tasa de crecimiento trimestral

South Korea's economy shrank by 0.2% quarter-on-quarter in the second quarter of 2024, following a 1.3% growth in the previous quarter, final data showed. This marked the first contraction since the fourth quarter of 2022 when the economy shrank by 0.5%. On the expenditure side, private consumption fell by 0.2%, as expenditures on goods (e.g., motor vehicles, clothing) declined. Government consumption increased by 0.6%, mainly due to a rise in expenditures on goods. Construction investment contracted by 1.7% as residential building construction and civil engineering both fell. Facilities investment declined by 1.2%, driven by lower investments in machinery like semiconductor manufacturing equipment. Exports increased by 1.2%, owing to expanded exports of motor vehicles and chemical products. Imports were up by 1.6%, mainly due to increased imports of crude oil and petroleum products.