South Korea GDP Contracts 0.2% In Q2

(RTTNews) - South Korea's gross domestic product was down a seasonally adjusted 0.2 percent on quarter in the second quarter of 2024, the Bank of Korea said on Thursday.

That was in line with expectations following the 1.3 percent increase in the first quarter.

On an annualized basis, GDP was up 2.3 percent - again matching forecasts and slowing from 3.3 percent in the three months prior.

Real gross national income (real GNI) decreased by 1.4 percent in the second quarter of 2024 compared to the previous quarter.