Seoul, South Korea (4E) – South Korea’s economy grew in the second quarter with the gross domestic product (GDP) rising 3.5 percent on year, according to the preliminary estimate by the Bank of Korea released Thursday.
The figure was a slight downward revision compared with the advance forecast in July for a gain of 3.6 percent. The GDP is also a slight decline from the 3.9 percent increase in the first quarter.
The economy rose at an annualized quarterly 0.5 percent on seasonally adjusted terms, which is also a downward revision from the initial estimate of 0.6 percent gain.
In the first quarter of 2014, the GDP grew 0.9 percent on quarter.