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South Korea’s economy expanded by 0.6% quarter-on-quarter in the second quarter of 2026, in line with preliminary estimates but slower than the 1.8% growth recorded in the first quarter, which had been the strongest quarterly performance since Q1 2021. The latest GDP growth was driven chiefly by solid export activity, which helped counteract downward pressures stemming from the ongoing conflict in the Middle East.
Exports increased by 1.3%, supported in particular by strong demand for IT products, including semiconductors, as well as machinery and equipment. Imports rose at a more moderate pace of 0.7%. Private consumption grew 0.4%, underpinned by higher spending on both goods and services, while government consumption edged up 0.1%.
Investment in intellectual property products advanced 3.4%, and facility investment rose 0.2%. In contrast, construction investment slipped 0.1%, weighed down by weaker civil engineering activity.
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On an annual basis, the economy grew 3.7% in Q2, slightly below the 3.8% year-on-year expansion in Q1, which had marked the fastest annual growth rate since the fourth quarter of 2021.
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