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S. Korea's GDP grows 9.8 pc in 2nd qtr.

SEOUL, Aug. 19 Kyodo

South Korea's economy grew 9.8% in the second quarter in terms of gross domestic product (GDP) from the same period last year, the Bank of Korea said Thursday.

The central bank attributed the GDP growth to robust exports and expanding domestic consumption and facility investment.

South Korea posted an annualized growth rate of 4.6% in the first quarter of this year. The GDP growth through the first half of this year was 7.3%, according to the central bank.

South Korea's economy contracted 5.8% in 1998, after 5% growth in 1997, and it was forced to accept a nearly 58 billion dollar bailout from the International Monetary Fund (IMF) to prevent the country from going bankrupt.

Since, the country has undergone extensive restructuring, as mandated by the IMF as a condition for the rescue package.
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Publication:Asian Economic News
Date:Aug 23, 1999
Words:142
Previous Article:Philippines, Brunei vow to improve trade ties.
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