Korean News Today - Korea posts highest Q2 GDP growth among OECD members

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Korea posts highest Q2 GDP growth among OECD members

Views 43307 Votes 0 2009.08.22 07:58:32

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Category :	National

The Korean economy recorded the highest level of GDP growth out of all OECD members in the second quarter, the Ministry of Strategy and Finance on Aug. 20 quoted the OECD report as saying.

Korea's GDP in the period went up 2.3 percent from the previous quarter, which was the greatest increase among 29 OECD countries.

In the first quarter, the only OECD countries that posted positive growth rates were Korea and Poland, with 0.1 and 0.4 percent growth in that order.

The average GDP growth rate of all OECD members in the second quarter was tallied at 0 percent, and those of the European Union and G7 advanced economies were -0.3 percent and -0.1 percent, respectively.

The countries that followed Korea in Q2 growth were Slovakia (2.2 Percent), Japan (0.9 percent), and Czech Republic, France, Germany and Portugal (all four at negative 0.3 percent), in that order.

Negative growth recorders in the same period were Hungary (-2.1 percent), Spain (-1.0 percent), the Netherlands (-0.9 percent), the United Kingdom (-0.8 percent), Germany (-0.5 percent) and the United States (-0.3 percent).

Korea's second quarter GDP growth year-on-year was also outstanding. The country came second in the list (-2.5 percent) followed by Greece (-0.2 percent). Meanwhile, France, Belgium and the United Sates posted -2.6, -3.8 and -3.9 percent growth, respectively. The OECD average stood at -4.6 percent, and Japan posted -6.5 percent.

Korea's GDP growth in the second quarter is largely due to the government's active fiscal spending and the won's appreciation, the finance ministry said. Korean economy is considered to have bottomed out and is expected to maintain its recovery, albeit with slower GDP growth expected in the following quarter, the ministry added.

By James Ro
Korea.net Staff Writer

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