Gross domestic product expanded 0.7 percent from the previous quarter, according to revised figures from the Bank of Korea. That was slightly higher than the 0.6 percent preliminary estimate issued in July and a reversal from the 0.2 percent contraction recorded in the first three months of the year.
Private consumption rose 0.5 percent, fueled by higher spending on automobiles and medical services, while government outlays climbed 1.2 percent, largely because of health care expenditures.
Exports jumped 4.5 percent, driven by strong global demand for semiconductors and petrochemical products.
Still, weaknesses persisted in investment and construction.
Facility investment slid 2.1 percent as companies cut spending on machinery and transportation equipment, including semiconductor manufacturing tools. Construction investment fell 1.2 percent, reflecting a slowdown in civil engineering projects.
Manufacturing output advanced 2.5 percent, led by electronics and optical products.
Services grew 0.8 percent as wholesale, retail, accommodation and transportation sectors recovered from first-quarter declines, even as the information and communication industry contracted.
Overall construction activity contracted sharply by 3.6 percent, while output in electricity, gas and water supply tumbled 5.4 percent. Agriculture, forestry and fisheries shrank 1.2 percent.
Domestic demand contributed 0.4 percentage points to growth, compared with a 0.5 percentage point drag in the first quarter. Net exports added 0.3 percentage points.
Real gross national income rose 1 percent, outpacing GDP growth, as improved trade conditions offset weaker income from overseas, the central bank said.
reporter
Kim Dong-young
davekim0807@ajupress.com
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