South Korea’s economy expands 2.7pc

Seoul, AP/UNB: The Bank of Korea said yesterday that South Korea’s economy grew at a 2.7 per cent annual pace during the April-June quarter as gains in capital expenditures and consumer spending offset lower exports.

The central bank said in a preliminary reading that Asia’s fourth-largest economy saw lower exports but a big jump in capital spending and improved consumer spending supported growth. The economy grew 2.9 per cent in the previous quarter.

On a quarterly basis, the economy grew 0.6 per cent from the January-March period.

Earlier this week, the government upgraded its forecasts for growth in this year to 3 per cent, citing strong exports led by semiconductor companies that sharply increased capital spending. If achieved, the growth rate would be the highest rate in three years.

South Koreas economy expands 2.7pc

Seoul, AP/UNB: The Bank of Korea said yesterday that South Koreas economy grew at a 2.7 per cent annual pace during the April-June quarter as gains in capital expenditures and consumer spending offset lower exports. The central bank said in a preliminary reading that Asias fourth-largest economy saw lower exports but a big jump in capital spending and improved consumer spending supported growth. The economy grew 2.9 per cent in the previous quarter. On a quarterly basis, the economy grew 0.6 per cent from the January-March period. Earlier this week, the government upgraded its forecasts for growth in this year to 3 per cent, citing strong exports led by semiconductor companies that sharply increased capital spending. If achieved, the growth rate would be the highest rate in three years.