South Korea’s nominal GDP posts fastest growth in 47 years

Nominal GDP also jumped 26.4 percent year-on-year, the sharpest increase since the third quarter of 1979. The economy’s real GDP grew 0.6 percent from the previous quarter and 3.7 percent year-on-year, maintaining momentum after expanding 1.8 percent in the first quarter.

Exports rose 1.3 percent quarter-on-quarter, supported by strong global demand for semiconductors, machinery and equipment. Private consumption increased 0.4 percent, while intellectual property investment climbed 3.4 percent.

South Korea’s nominal gross national income (GNI) increased 8.8 percent from the previous quarter and 26.4 percent year-on-year. Real GNI rose 3.1 percent quarter-on-quarter and 15.6 percent year-on-year, its strongest annual growth since late 1988.

The Bank of Korea expects per capita GNI to reach US$40,000 in 2026 and forecasts 3.3 percent economic growth for the year. It said the economy needs to expand by at least 0.2-0.3 percent in the second half to meet that target.

Earlier, it was reported Lee Jae Myung arrived in Paris as South Korea and France seek closer ties.