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(LEAD) S. Korea's economy grows 0.7 pct in Q2 on improved consumption, exports

All News 08:13 July 26, 2016

(ATTN: UPDATES with additional details)

SEOUL, July 26 (Yonhap) -- South Korea's economy posted improved growth in the second quarter on increased exports and consumption, central bank data showed Tuesday.

In the three months that ended June 30, the country's gross domestic product (GDP) grew 0.7 percent from a quarter earlier, according to preliminary data from the Bank of Korea (BOK).

The second-quarter estimate marks an improvement from a 0.5 percent on-quarter expansion in the previous quarter. From a year earlier, it marks a 3.2 percent improvement.

Domestic consumption inched up 0.7 percent from three months earlier as government spending grew 0.2 percent, and private expenditures went up 0.9 percent.

Exports, a major pillar of growth for Asia's fourth-largest economy, grew 0.9 percent from the previous quarter.

Gross domestic income, on the other hand, fell 0.4 percent from the previous quarter, worsening from a 3.0 percent rise three months earlier, the BOK said.


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