The Bank of Korea released its preliminary estimates for second quarter growth,... which show a slowdown from the previous qurater.<br />Kim Hyesung reports. <br /> South Korea's GDP grew in the second quarter by zero-point-seven percent from the previous quarter. <br />The Bank of Korea says the country's GDP expanded by 398 trillion Korean won, or about 356 billion U.S. dollars between April and June.<br /> It marks a slowdown from the first quarter's one-percent rise...mainly due to weaker investment and export growth. <br /> Investment in business facilities contracted by six-point-six percent after growing over three percent the quarter before, mainly due to a cut in investment in both machinery and transportation equipment.<br />Construction investment also turned to a negative one-point-three percent, after gaining 1-point-8 percent in the first quarter.<br /> Growth in exports, a major driver of Korea's economy, also slowed to zero-point-eight percent,... down from four percent in the first quarter. <br />Imports fell 2-point-6 percent due to cuts in imports of machinery and transportation equipment.<br /> On the expenditure side, private consumption increased by zero-point-three percent on-quarter, logging the slowest growth in six quarters. <br />Government consumption also grew by zero-point-three percent on-quarter.<br />The second quarter growth figures mark a slight slow down from the first quarter.<br />But on-year, the local economy grew by two-point-nine percent.<br /> The Bank of Korea says second quarter growth is in line with its projections and that if the third quarter and fourth quarters have between zero-point 82 and zero-point-94 percent growth rates, Korea's GDP growth for 2018 will hit the Bank's forecast of 2-point-9 percent.<br />Kim Hyesung, Arirang News.<br />
