Abu dhabi: South Korea's nominal gross domestic product (GDP) grew at the fastest pace in 47 years during the second quarter, bolstered by robust artificial intelligence (AI)-related exports. This economic surge positions the nation to potentially achieve a per capita gross national income (GNI) of US$40,000, based on data from the central bank released on Tuesday.

According to Emirates News Agency, the country's real GDP, a crucial indicator of economic health, increased by 0.6% in the April-June timeframe compared to the previous three months. This figure aligns with the preliminary estimates from the Bank of Korea (BOK), as reported by Yonhap News Agency. While the on-quarter growth met the BOK's previous projections, the bank adjusted its growth estimates for construction and intellectual property investments upward by 0.1 percentage point each, while slightly reducing the growth forecast for government consumption by the same margin.

South Korea, the fourth-largest economy in Asia, had experienced a contraction of 0.1% in the last quarter of the previous year. However, it demonstrated resilience with a 1.8% rebound in the first quarter of this year. On an annual basis, the economy grew by 3.7% in the second quarter, maintaining its growth trajectory following a 3.8% year-on-year expansion observed in the first quarter.