Jul 27, 5:52 AM EDT

Bank of Korea says South Korea's economy has expanded 2.7 percent during the second quarter over a year earlier


AP Photo
AP Photo/Ahn Young-joon

Latest Business News
U.S. stocks are on track to set more records as media companies and phone companies rise.

Big gains for Facebook, Verizon Communications and cable companies reporting healthier-than-expected results nudged US stock indexes a bit further into record territory on Thursday

Dunkin' Brands beats 2Q net income expectations, misses revenue forecasts

Exchange-traded funds promise a simple and precisely targeted investment and easy diversification, but with some niche ETFs you may wind up with something you didn't want.

The European Commission has conditionally approved the sale by DuPont of part of its crop protection business to FMC Corp. and DuPont's acquisition of FMC's health and nutrition business

Multimedia
A district summary of the Beige Book
Measuring economic stress by county nationwide
Mall malaise: shoppers browse, but don't buy
Unemployment by the numbers
Family struggles with father's unemployment
Saying an affordable goodbye
Hard times hit small car dealer
Latest Economic News
Bank of Korea says South Korea's economy has expanded 2.7 percent during the second quarter over a year earlier

Britain's economy grew slightly in the second quarter, expanding by 0.3 percent between April and June compared to 0.2 percent in the first three months of the year

Britain's economy grew slightly in the second quarter, expanding by 0.3 percent between April and June compared to 0.2 percent in the first three months of the year

Game of Thrones: As they break the dragonglass ceiling, will Westeros' women wield power wisely?

A survey shows that business confidence in Germany has risen to another record high as managers' view of both their outlook and their current situation brightens

South Korea's new administration shifts gear, aiming at to achieve a fair and labor-friendly market after decades of growth led by big businesses

The International Monetary is more optimistic about the economy of the 19-country eurozone after a run of elections saw populist politicians defeated

IMF upgrades economic outlook for Europe, Japan and China, leaves global forecast unchanged

The International Monetary is more optimistic about the economy of the 19-country eurozone after a run of elections saw populist politicians defeated

Spain's economic minister says the economy is doing better than the government expected as it continues to rebound strongly from recession

Interactives
Greece's Debt Threatens to Spread
State budget
gaps map
Auto industry problems trickle down, punish Tennessee county
Women give old Derby hats a makeover in tough economy
S.C. town deals with highest unemployment in South
How mortgages were bundled and sold as securities
Tracking the $700 billion financial bailout
Tracking the year's job losses
State-by-state foreclosures since 2007
Credit crisis explained
Presidents and their economic legacies
Lexicon of the financial crisis
Americans' addiction to debt

SEOUL, South Korea (AP) -- The Bank of Korea said Thursday that South Korea's economy grew at a 2.7 percent annual pace during the April-June quarter as gains in capital expenditures and consumer spending offset lower exports.

The central bank said in a preliminary reading that Asia's fourth-largest economy saw lower exports but a big jump in capital spending and improved consumer spending supported growth. The economy grew 2.9 percent in the previous quarter.

On a quarterly basis, the economy grew 0.6 percent from the January-March period.

Earlier this week, the government upgraded its forecasts for growth in this year to 3 percent, citing strong exports led by semiconductor companies that sharply increased capital spending. If achieved, the growth rate would be the highest rate in three years.

President Moon Jae-in's administration plans $10 billion in stimulus to create jobs and improve the country's social safety nets, to help revive lagging consumer demand in the mostly export-driven economy.

Moon, who took office in May, has vowed to help support household income during its tenure by sharply increasing minimum wage and narrowing gaps between full-time regular jobs and irregular work. While big manufacturers like Samsung Electronics post record profits, incomes of individual Koreans have lagged while concern grows over unemployment and poverty.

© 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.