South Korea's nominal gross domestic product recorded the fastest growth rate in 47 years in the second quarter, driven by strong exports and investment related to artificial intelligence, according to data from the Bank of Korea on Tuesday. According to preliminary data from the Bank of Korea, the country's real GDP increased by 0.6% between April and June compared to three months earlier. This quarterly month-on-month data is consistent with previous estimates released by the Bank of Korea last month, but the bank raised the growth rate of construction investment and intellectual property investment by 0.1 percentage points, respectively, while reducing the growth rate of government consumption by 0.1 percentage points. As the fourth largest economy in Asia, South Korea's economy contracted by 0.1% in the fourth quarter of last year, but rebounded and grew 1.8% in the first quarter. On a year-on-year basis, the economy expanded 3.7% in the second quarter, continuing the 3.8% year-on-year growth trend in the first quarter. Exports increased 1.3% from the previous quarter, supported by strong global demand for semiconductors, machinery and equipment. This growth rate is slower than the 5.9% increase in the first quarter. In nominal terms, the country's second-quarter GDP grew 9.2% from three months earlier and 26.4% over the same period last year, the biggest increase since the third quarter of 1979. Central bank data also showed that the country's per capita GNI increased 8.8% in nominal terms over the previous quarter and 26.4% over the same period last year. Real GNI increased 3.1% from the previous quarter and 15.6% from the same period last year, the biggest increase since the fourth quarter of 1988.

South Korea's nominal gross domestic product recorded the fastest growth rate in 47 years in the second quarter, driven by strong exports and investment related to artificial intelligence, according to data from the Bank of Korea on Tuesday. According to preliminary data from the Bank of Korea, the country's real GDP increased by 0.6% between April and June compared to three months earlier. This quarterly month-on-month data is consistent with previous estimates released by the Bank of Korea last month, but the bank raised the growth rate of construction investment and intellectual property investment by 0.1 percentage points, respectively, while reducing the growth rate of government consumption by 0.1 percentage points. As the fourth largest economy in Asia, South Korea's economy contracted by 0.1% in the fourth quarter of last year, but rebounded and grew 1.8% in the first quarter. On a year-on-year basis, the economy expanded 3.7% in the second quarter, continuing the 3.8% year-on-year growth trend in the first quarter. Exports increased 1.3% from the previous quarter, supported by strong global demand for semiconductors, machinery and equipment. This growth rate is slower than the 5.9% increase in the first quarter. In nominal terms, the country's second-quarter GDP grew 9.2% from three months earlier and 26.4% over the same period last year, the biggest increase since the third quarter of 1979. Central bank data also showed that the country's per capita GNI increased 8.8% in nominal terms over the previous quarter and 26.4% over the same period last year. Real GNI increased 3.1% from the previous quarter and 15.6% from the same period last year, the biggest increase since the fourth quarter of 1988.