Seoul [South Korea], September 8: South Korea's nominal gross domestic product (GDP) grew at the fastest pace in 47 years in the second quarter, driven by strong artificial intelligence (AI)-related exports, with the country on track to reach US$40,000 in per capita gross national income (GNI), central bank data showed Tuesday.
The country's real GDP -- a key measure of economic growth -- rose 0.6% in the April-June period from three months earlier, according to preliminary data from the Bank of Korea (BOK), carried by Yonhap News Agency.
The on-quarter figure matched the BOK's earlier estimate released last month, but it revised up growth in construction investment and intellectual property investment by 0.1 percentage point each, while cutting government consumption growth by 0.1 percentage point.
Asia's fourth-largest economy contracted 0.1% in the fourth quarter of last year but rebounded 1.8% in the first quarter.
On a yearly basis, the economy expanded 3.7% in the second quarter, extending its growth momentum after expanding 3.8% on-year in the first quarter.
Source: Emirates News Agency
