SEOUL, June 24 (Yonhap) - The gross domestic product (GDP) of South Korea will grow in the second half of this year at a rate much faster than it did in the first half, due in part, to increased exports, said this monday a report by the Korea Institute for Industrial Economics and Trade (KIET, according to its acronym in English).
According to the report,the country's GDP is expected to grow in the second half of the year, up 3.6 percent over last year, compared with an annual increase of 1.8 percent in the period from January to June this year, so it predicts that annual economic growth will reach South Korea 2.7 percent.
"It is hoped that the local economy recorded annual growth rate of 2.7 percent and its recovery rate to accelerate in the second half of this year due to export growth, improved business conditions after the stabilization of oil prices and the effects of economic stimulus efforts of the Government, "said KIET report.
The prediction is slightly higher than the 2.6 percent growth estimated by the Bank of Korea, and considerably higher than the government estimate of 2.3 percent, although the government recently said it was considering the forecast increase superior growth to 2 percent.
The report said it is likely to increase national exports in the second half, up 6.5 percent year on year to U.S. $ 290.5 billion, following an increase of 1.1 percent in the first half; and imports to grow at a faster pace of 7.7 percent year on year to 275.1 billion dollars, despite a fall of 1.2 percent in the first half of the year.
He added that it is likely that world oil prices reach an annual average of $ 102 per barrel.
