Seoul: The South Korean economy recorded a 0.6 percent growth in the second quarter compared to the previous quarter, largely attributed to robust exports and investments in artificial intelligence, as reported by data from the central bank.

According to Yonhap News Agency, the country's real gross domestic product (GDP) increased by 0.6 percent between April and June when compared to the preceding three months. This figure aligns with the Bank of Korea's (BOK) earlier estimate. On an annual basis, the economy experienced a 3.7 percent growth in the second quarter, maintaining its growth trajectory after a 3.8 percent expansion in the first quarter of the year.

The BOK's previous estimates were confirmed, although there were slight adjustments in specific sectors. Growth in construction investment and intellectual property investment was revised upward by 0.1 percentage point each, while government consumption growth was adjusted downward by 0.1 percentage point.

The nominal GDP of South Korea increased by 9.2 percent during the April-June period compared to the previous quarter, and it surged by 26.4 percent year-on-year. This represents the most significant growth since the third quarter of 1979, when the economy saw a 27.7 percent increase on an annual basis.

Data from the central bank also indicated a rise in the country's per capita gross national income (GNI), which grew by 8.8 percent on a nominal basis from the previous quarter and by 26.4 percent from the prior year. In real terms, GNI increased by 3.1 percent quarter-on-quarter and 15.6 percent year-on-year, marking the highest growth since the fourth quarter of 1988.

The ongoing growth momentum has led the central bank to revise its 2026 growth estimate upward to 3.3 percent, citing strong exports fueled by the semiconductor super cycle.