SEOUL Cheap Tyeler Davison Jersey , July 27 (Xinhua) -- South Korea's second-quarter economic growth almost halved compared with the previous quarter due to weak exports on the so-called based effect that offset recovering private consumption, central bank data showed Thursday.
Seasonally-adjusted real gross domestic product (GDP) rose 0.6 percent in the April-June quarter from the previous three-month period, according to the Bank of Korea (BOK).
The quarter-on-quarter growth rate almost halved from 1.1 percent tallied in the first quarter. The rate jumped from 0.5 percent in the fourth quarter of last year to 1.1 percent in the next quarter, before falling again below 1 percent in the second quarter.
Exports, which account for about half of the export-driven economy, retreated 3 percent in the second quarter on a quarterly basis, marking the lowest since the fourth quarter of 2008 when the global financial crisis peaked.
Goods exports slumped 2.9 percent, almost posting the lowest in 34 quarters.
Chung Kyu Il, director general of the BOK's economic statistics department, told reporters th