South Korea's Q2 GDP expands 0.6% on quarter, matches forecasts

16:08 | 28/07/2017 Cooperation

South Korea's gross domestic product growth almost halved to 0.6 percent in the second quarter of 2017 from the previous three months, the central bank estimated on Thursday, as construction sector activity that had supported growth earlier slowed.

Photo: Reuters

Thursday's data follow a 1.1 percent expansion posted in the first quarter, and matches a median 0.6 percent increase forecast in a Reuters poll.

From a year earlier, the economy grew 2.7 percent in the April-June period, data from the Bank of Korea showed, also on par with a median 2.7 percent forecast from economists in the poll.

Output from the construction sector declined 0.3 percent from three months earlier, while the service sector gained 0.8 percent.

Capital investment jumped 5.1 percent on-quarter, while exports fell 3 percent, the estimates showed.