Indicators
South Korea’s Economy Shrank as Initially Estimated, BOK Says
- Bank of Korea still expects mid-2% economic growth for 2024
- Investment and exports turned out better than previously seen
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The Bank of Korea left second-quarter data mostly unrevised, confirming that the economy shrank and giving policymakers added incentive to shift their focus to supporting growth momentum after inflation slowed in line with projections.
Gross domestic product fell 0.2% from the previous quarter, a result that matched the initial estimate, the central bank said Thursday. From a year earlier, the economy expanded 2.3%, also in line with the preliminary figure.