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South Korea's Economy Slows: Chip Exports Offer Support
23 Jul
Summary
- South Korea's economy grew 0.6% in the second quarter.
- This growth is a slowdown from the revised 1.8% in the prior quarter.
- Strong chip exports helped resilience despite weak private consumption.
The South Korean economy saw its growth rate decrease to 0.6% in the second quarter. This marks a notable slowdown compared to the revised 1.8% growth recorded in the first quarter.
Despite the deceleration, the economy maintained a level of resilience. This was primarily due to strong performance in chip exports. These exports played a vital role in counteracting the weakness observed in private consumption and other domestic economic activities during the period.
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