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(LEAD) S. Korea's economy grows in Q2: BOK

All Headlines 08:40 September 02, 2016

(ATTN: ADDS more details from 5th para)

SEOUL, Sept. 2 (Yonhap) -- South Korea's economy grew at a faster-than-expected pace in the second quarter from three months earlier on increased local demand and exports, central bank data showed Friday.

In the April-June period, the country's gross domestic product (GDP) expanded 0.8 percent from the previous quarter, accelerating from a 0.5 percent on-quarter expansion three months earlier, according to preliminary data from the Bank of Korea (BOK).

The latest reading marks a slight increase from an earlier estimate of a 0.7 percent on-quarter expansion in late July.

From a year earlier, the local economy grew 3.3 percent in the second quarter, compared with a 2.8 percent on-year expansion in the previous quarter.

The construction industry helped keep the local economy growing, with its output increasing 12.4 percent on-year, while output by the manufacturing industry climbed 2.2 percent on-year.

Construction investment went up 3.1 percent on-quarter, and facility investment also increased 2.8 percent.

The service industry expanded 3 percent on-year.

Consumer spending grew 3.3 percent on-year, while exports increased 1.9 percent.

Meanwhile, the BOK said the country's gross national income moved up 0.8 percent, down from a 2.7 percent on-quarter growth in the first quarter.

entropy@yna.co.kr
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