South Korea’s GDP in Q2 grew by 0.7% compared to Q1, a faster quarterly growth rate attributed to strong consumer spending as covid-19 pandemic-related restrictions eased.
South Korea’s economy grew 4.1 percent in 2021, the fastest growth since 2010 at 6.8 percent.
Data released by the Bank of Korea (BoK) on September 1 showed that the country’s economy grew at a faster pace in the second quarter of 2022 thanks to increased consumer spending, after social distancing measures were eased.
South Korea’s GDP in Q2 increased by 0.7% compared to Q1. The faster quarterly growth was attributed to a sharp increase in consumer spending as covid-19 pandemic-related restrictions eased.
In mid-April, the South Korean government lifted most restrictions aimed at controlling the outbreak, except for the mask mandate, as part of an effort to bring life back to pre-pandemic normalcy.
Consumer spending in Q2 2022 increased by 2.9% thanks to increased spending on food, housing and other outdoor activities.
