×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: AS | SKorea | Economy

South Korea's Growth Improves on Better Consumption

Tuesday, 26 July 2016 04:19 AM

SEOUL, South Korea (AP) — South Korea's economic growth has improved during the second quarter thanks to stronger private consumption and increased housing construction.

Bank of Korea said Tuesday that Asia's fourth-largest economy expanded 3.2 percent during the April-June period, the fastest clip in seven quarters.

From the previous three months, it eked out a 0.7 percent growth. On a quarterly basis, South Korea's economy grew less than 1 percent for a third straight quarter.

The bank said sales of clothes and durable goods drove up private consumption. Construction spending was robust thanks to an increase in new houses.

Bank of Korea trimmed its benchmark interest rate last month to a record low of 1.25 percent, the first rate cut in one year. It downgraded its growth forecast on South Korea, citing increased global uncertainties.

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Asia
South Korea's economic growth has improved during the second quarter thanks to stronger private consumption and increased housing construction.Bank of Korea said Tuesday that Asia's fourth-largest economy expanded 3.2 percent during the April-June period, the fastest clip...
AS,SKorea,Economy
134
2016-19-26
Tuesday, 26 July 2016 04:19 AM
Newsmax Media, Inc.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved