South Korea's central bank has released its revised data on the nation's second quarter GDP growth.<br />Figures show the economy slowed down compared to Q1.<br />Kim Hyesung reports.<br /> <br /> South Korea's economy expanded at a slower than expected pace in the second quarter.<br /> According to the Bank of Korea on Tuesday,... the country's GDP for the April-to-June period rose zero-point-six percent on-quarter,... slower than the first quarter's one percent growth. <br /><br /> "Second quarter growth is zero-point-one percentage points lower than our earlier estimate released in July. While facilities investment has been revised up zero-point-nine percent in the second quarter, construction investment, exports and imports have been revised down." <br /><br /> Although facilities investment were higher than the earlier estimate, it still tumbled five-point-seven percent in the second-quarter, marking the largest on-quarter drop since the first quarter of 2016, due to falling investment in machinery and transportation equipment. <br /> Construction investment also contracted around two percent from one-point-eight percent growth in the first quarter as investment in residential buildings decreased. <br /> Exports, which account for nearly half of South Korea's GDP, rose zero-point-four percent on-quarter, slowing from a four-point-four percent rise in the first quarter, while imports retreated three percent. <br />Semiconductor exports increased but autos, home appliances and ships dropped.<br /> Private consumption rose zero-point-three percent as consumers spent more on clothes and medical services, but it was still slower than first quarter's zero-point-seven percent. <br /><br /> "When you look at contributions to GDP growth, domestic demand turned to a minus in the second quarter. The contribution of private consumption dropped zero-point-one percentage points on quarter. Facilities and construction investment have also contracted as expected. These data show domestic demand is likely to continue slowing down."<br /><br />Government spending climbed zero-point-three percent.<br />Real gross national income shrank by one percent, as import prices were higher than export prices.<br /><br /> "On-year, GDP expanded two-point-eight percent in the second quarter, on par with the first quarter. The BOK says to reach its growth target of two-point-nine percent for 2018, the local economy has to expand by a range of zero-point-nine-one to one-point-zero-three percent in the remaining two quarters.<br />Kim Hyesung, Arirang News." <br />
