Korean economy unexpectedly shrinks as consumer spending falls:
South Korea's economy unexpectedly shrank in the second quarter, clocking the sharpest ...
reuters.com/markets/asia/south-korean-gdp-unexpectedly-shrinks-boosting-rate-cut-chances-2024-07-24/
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South Korea’s Economy Contracts in Second QuarterGDP fell 0.2% quarter-on-quarter, while analysts differed on whether the central bank could cut rates in August or the fourth quarter.
Key FactsJul 25, 2024 · Reading time: ~30 sec.
Summary created with AI assistance · Source: reuters.com
Summary created with AI assistance · Source: reuters.com
- Seasonally adjusted GDP fell 0.2% from April to June compared with the previous quarter, missing the expected 0.1% increase.
- Private consumption declined 0.2% and construction investment fell 1.1%, while exports rose 0.9%.
- Annual growth slowed to 2.3% from 3.3% in the first quarter, while the Bank of Korea maintained its 2.5% growth projection for the full year.
- The Bank of Korea kept its key rate at 3.50% this month, while analysts variously expected a cut as early as August, in the fourth quarter, or after a move by the U.S. Federal Reserve.
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South Korea's economy unexpectedly contracts in Q2: South Korea's economy unexpectedly shrank in the second quarter, official advance estimates showed on ...
reuters.com/markets/asia/south-koreas-economy-unexpectedly-contracts-q2-2024-07-24/
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Summary created with AI assistance · Source: bbc.co.uk
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Summary created with AI assistance · Source: spr.ly
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