South Korea’s Q2 GDP rises 0.6% q/q as semiconductor exports fuel growth; KOSPI jumps 3.04%
AI Market Summary
South Korea's Q2 GDP beat forecasts (0.6% q/q; 3.7% y/y) as semiconductor exports offset domestic construction weakness, reinforcing the tech-led growth narrative. Equities reacted immediately with the KOSPI up ~3% and chip leaders outperforming, while the won strengthened. However, firmer growth alongside persistent inflation also sustains expectations for further Bank of Korea tightening, a potential headwind for rate-sensitive sectors.
Impact level
● High
Affected assets
NCSIKOSPI2USD/USDT-1.97%
AI Insight · NCSIKOSPI2USD/USDTAI Insight
▲ Bullish
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Preliminary data from the Bank of Korea showed South Korea’s GDP grew 0.6% quarter-on-quarter in Q2 2024 on a seasonally adjusted basis, beating a 0.4% market forecast. Year-on-year growth came in at 3.7%, also above expectations of 3.5%. The expansion was driven mainly by a lift in semiconductor exports. Following the release, the KOSPI rose 3.04% and Samsung Electronics climbed as much as 4.8%.
