South Korea shows biggest economic growth in ten years

23.07.2021 - Korneychuk Evgeniya
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.

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