South Korea economy expands 0.6% q/q in Q2, better than expected

SEOUL, July 23 : South Korea's economy grew faster than market expectations in the second quarter, driven by a semiconductor export boom that offset a decline in construction investment, advanced estimates from the Bank of Korea showed on Thursday. Gross domestic product expanded 0.6 per cent in the April-June period from a quarter earlier on a seasonally adjusted basis, faster than a median estimate of 0.4 per cent from a Reuters poll.While this marks a sharp deceleration from the blistering 1.8 per cent growth logged in the first quarter, the performance proved chip-led growth can keep the economic engine running as policymakers embarked on a tightening cycle with a 25-basis-point hike in July.On a year-on-year basis, GDP expanded 3.7 per cent from a year earlier, also beating a median e