South Korea's economy grew 0.6 percent in April-June over the previous quarter, the central bank estimated on Thursday, the slowest in more than a year due to sluggish consumption while falling slightly below market expectations.
The data follows 0.9 percent growth for the first quarter on a sequential basis and marks the weakest since a 0.6 percent gain in the first quarter of 2013. The median forecast from a Reuters survey of 27 analysts was 0.7 percent, on a seasonally adjusted basis.
The Bank of Korea estimates showed private consumption fell a seasonally adjusted 0.3 percent in the second quarter after edging up 0.2 percent in the January-March period. Capital investment rose 1.3 percent after a 1.9 percent decline.
Asia's fourth-largest economy, which relies heavily on exports, is seeing a slower-than-expected recovery in global demand, while domestic consumption has been fragile. A deadly ferry accident in April has affected services industries, especially tourism.
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Markets have priced in an interest rate cut by the central bank as early as next month on signs growth is losing momentum.
From a year earlier, the economy expanded 3.6 percent in the June quarter, compared with a median 3.6 percent forecast in a Reuters poll and 3.9 percent growth in the first quarter.
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