SEOUL, Sept. 5 (Xinhua) -- Revised figure of South Korea's Gross Domestic Product (GDP) for the second quarter was unchanged at 1.1 percent on an on-quarter basis, central bank data showed Thursday.
Real GDP, the broadest measure of economic performance, expanded 1.1 percent in the second quarter from three months earlier, unchanged from a preliminary estimate unveiled around a month earlier, according to the Bank of Korea (BOK).
The reading was up from a 0.8 percent growth in the first quarter, marking the highest since a 1.3 percent expansion tallied in the first quarter of 2011. The economy eventually escaped from the eight straight quarter of zero-percent growth.
Fiscal and monetary stimulus measures bolstered the Asia's No. 4 economy. The government launched the extra budget plan worth 17. 3 trillion won (15 billion U.S. dollars) in mid-April while taking measures to support the sluggish housing market.
The BOK cut its policy rate by 25 basis points to 2.5 percent in May as part of efforts to stimulate the faltering economy. The central bank revised up its 2013 growth outlook in early July to 2. 8 percent from a prior forecast of 2.6 percent.
Private consumption, a major growth engine of the economy, increased 0.7 percent in the second quarter from three months earlier after falling 0.4 percent in the prior quarter.
Exports, which account for around half of the South Korean economy, rose 1.8 percent on-quarter in the second quarter, down from a 3 percent gain in the previous quarter.
Facility investment reduced 0.2 percent over the cited period, but the construction investment increased 3.4 percent.
On the production front, output in the manufacturing and construction sectors grew 0.9 percent and 1.4 percent each in the second quarter, and the service industry's production increased 0. 9 percent.
Nominal gross national income (GNI) rose 1 percent in the second quarter from three months ago. The real GNI, or a figure adjusted for inflation, jumped 2.9 percent due to improved terms of trade.
The GDP deflator, a gauge of inflation, climbed 1.1 percent in the second quarter from a year earlier. The figure means the ratio of nominal GDP to real GDP.