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| Name | S. Korea's real GDP shrinks in Q2 by 0.2%; BOK says annual growth target still attainable |
| Video Uploader | Video From Arirang News |
| Upload Date | This Video Uploaded At 25-07-2024 05:38:31 |
| Video Discription | 2분기 경제성장률 -0.2%에도 한은 "연간성장률 목표치 2.5% 달성 가능" South Korea's real Gross Domestic Product dropped by 0-point-2 percent in the second quarter of this year. That's its worst figure in a year and half. But, the Central Bank said that was mainly due to its base effect, while shrinking consumption and investment in construction were factors as well. Park Kun-woo has the latest figures. South Korea's real Gross Domestic Product fell in the second quarter of 2024, dropping by 0-point-2 percent from the previous quarter. That's according to advanced estimates released by the Bank of Korea on Thursday. Its the biggest fall in on-quarter growth since a point-5 percent drop in real GDP in the fourth quarter of 2022. The BOK says the fall in GDP in the second quarter of this year is due to the base effect due to a strong first quarter, as well as a lower level of private consumption and construction investment. It also said annual growth will still reach its earlier targets when considering the overall growth rate for the first half of the year. "It's hard to say the economy got worse just because it grew a lot in the first quarter and then shrank in the second quarter. The economy grew 2-point-8 percent in the first half of the year, and if the latter half grows by 2-point-2 percent as predicted, that leads to an annual growth rate calculation of 2-point-5 percent. The economic growth is in line with the annual growth target set earlier." The BOK also spoke about other factors behind the fall in real GDP in the second quarter. Private consumption dropped by 0-point-2 percent on-quarter as spending on goods, including motor vehicles and clothing, declined. Construction investment also contracted by 1-point-1 percent. While exports saw a rise of 0-point-9 percent on-quarter, mainly due to car and chemical product exports, there was also a 1-point-2 percent rise in imports. The Central Bank said domestic demand will be able to recover in the near future as they forecast exports to keep increasing and high costs to possibly stabilize. Park Kun-woo, Arirang News. #economic_growth #SouthKorea #real_GDP #Bank_of_Korea #경제성장 #실질국내총생산 #Arirang_News #아리랑뉴스 📣 Facebook : https://www.facebook.com/arirangtvnews 📣 Twitter : https://twitter.com/arirangtvnews 📣 Homepage : https://arirang.com/ 2024-07-25, 12:00 (KST) [rko5AuwMfg4] |
| Category | News & Politics |
| Tags | Arirang News | Bank_of_Korea | Bok | Central_bank | English | North Korea | Seoul | South Korea | consumption | economic_growth | economy | foreign news | global | gross_domestic_product | investment | issue | korean | national news | policy | politics | real_GDP | southkorea | sport | world news | 경제 | 경제성장 | 국내총생산 | 뉴스 | 대한민국 | 북한 | 스포츠 | 아리랑뉴스 | 영어 | 월드 | 이슈 | 정책 | 정치 | 한국어 | 한국은행 |
