South Korea shows biggest economic growth in ten years
South Korea’s economy grew faster on an annual basis in the second quarter, achieving its fastest year-on-year growth in a decade driven by strong export demand and investment.
The country’s economy is projected to have grown at its fastest pace since the fourth quarter of 2010 despite a slowdown from a solid rise at the start of 2021, a Reuters poll showed.
Gross domestic product (GDP) was seen to expand 6.0% from a year ago in the second quarter, a sharp increase from the first quarter’s 1.9% growth.
The poll also highlighted GDP’s seasonally adjusted 0.7% expansion in the second quarter, down from a 1.7% growth in the previous quarter.
The second quarter’s economic growth was led by a surge in exports due to increased demand for chips, vehicles, and petroleum products.
Exports recorded their fastest pace in 44 years with 42.1% rise.