
Gross domestic product (GDP) expanded by 0.4% in the April to June period. In the previous three months it grew 0.9%.
The economy grew 2.4% from the same period the previous year.
The data may prompt the central bank, which cut interest rates earlier this month, to ease its policy further.
The Bank of Korea unexpectedly cut its key interest rate to 3% from 3.25% in the first reduction for three years.
Analysts said the central bank may lower its borrowing costs further in the coming months.
"If growth rate is this low, it shows the conditions are quite serious," said Yum Sang-Hoon of SK Securities.
"Given the figures, I think the central bank will surely cut rates in September or October."
Source & Image : BBC
No comments:
Post a Comment