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View crossed the Hangang River successful Seoul, South Korea.
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South Korea avoided a method recession arsenic its system expanded 0.6% from the erstwhile quarter, according to beforehand estimates, beating expectations.
This was higher than the 0.5% expected by economists polled by Reuters, and a reversal from the 0.2% contraction seen successful the archetypal quarter.
On a year-over-year basis, the country's GDP roseate 0.5%, up from 0% successful the archetypal 4th and a 0.4% enlargement expected by economists successful a Reuters poll.
Exports of some goods and services grew powerfully successful the 2nd quarter, rising 4.2% 4th implicit 4th arsenic shipments of semiconductors, petroleum products, and chemic products increased. This is compared to the 0.6% contraction seen successful the erstwhile quarter.
South Korea is presently trying to adjacent a commercialized woody with the U.S., failing that, the country's exports to the U.S. would beryllium deed with a 25% tariff from August 1.
Exports of goods and services marque up astir 44% of South Korea's GDP successful 2023, according to the latest figures from the World Bank, with the U.S. arsenic its second-largest export market.
South Korean media outlet Yonhap reported that Seoul has ruled retired changes to beef and atom imports arsenic bargaining chips successful tariff negotiations with the United States.
The BOK held rates successful its erstwhile monetary argumentation gathering connected July 10, contempt noting a unchangeable ostentation complaint and forecasting debased maturation for the country, choosing to absorption connected fiscal stability.
Inflation successful South Korea stood astatine 2.2% successful June, conscionable somewhat supra the BOK's 2% target.
—This is breaking news, delight cheque backmost for updates.
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