South Korea avoids technical recession because GDP increases by 0.6% in the second quarter

According to preliminary estimates, South Korea avoided technical recession as its economy increased by 0.6% compared to the previous quarter.

It was higher than 0.5%expected by economists, Reuters surveyed, and a 0.2%reduction, noticed in the first quarter.

Compared to last year, the country’s GDP increased by 0.5%, which compared to 0%in the first quarter and 0.4%extension, which is expected by economists in Reuters.

Exports of goods and services increased heavily in the second quarter, increasing by 4.2% a quarter of more than a quarter, as deliveries of semiconductors, petroleum products and chemical products increased. This is compared to the 0.6% reduction, which is observed in the previous quarter.

Currently, South Korea is trying to conclude a trade agreement with the United States, without having an exports to the US will suffer from 25% of the tariffs from August 1.

Export of goods and services is about 44% of South Korea’s GDP in 2023, reports The latest data from the World BankFrom the US as its second largest export market.

South Korean media yonhap It is reported that Seoul ruled out changes to the import of beef and rice as negotiations with the United States.

Side Extended bets At the previous monetary policy meeting on July 10, despite the sustainable inflation and the country’s low growth level, choosing focus on financial stability.

In June, inflation in South Korea was 2.2%, just above 2% of the target of Boko.

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