(MENAFN- QNA) South Korea's economy expanded by 0.5% in the second quarter of 2014, supported by exports of chemical and technology products, central bank data showed Thursday.
Korea's gross domestic product (GDP), the broadest measure of economic performance, however, slowed from a 0.9% growth logged in the previous quarter, according to revised data by the Bank of Korea. The second-quarter result came below estimates of a 0.6% growth in late July, South Korea's News (Yonhap) reported.
The country's GDP got a boost from the manufacturing sector, which rose 0.9% from the previous quarter. The service sector also posted a 0.6% quarter-on-quarter growth despite a fall in the restaurant and accommodation businesses as social welfare and health care businesses lent support.
Private spending slipped 0.3%, marking the first on-quarter contraction since the first quarter of last year.
Facility investment rose 1.1%, turning around from a 1.9% quarter-on-quarter decline three months earlier.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.