South Korea's second-quarter GDP grows 2.9% year-on-year

South Korea's gross domestic product (GDP) rose 0.7% in the second quarter from the previous quarter and 2.9% year-on-year, both beating market expectations. The acceleration in economic growth was mainly attributable to higher spending by individual consumers, but real exports fell. Rising energy and commodity prices, tightening monetary policy by global central banks, supply chain disruptions exacerbated by coronavirus lockdowns, and weakening global demand still contributed to the decline in real exports. Uncertainties in exports to South Korea.