RTTNews - South Korean gross domestic product expanded by 2.3 percent in the second quarter of 2008 compared to the previous three months, the Bank of Korea said on Friday in an advanced reading, marking the fastest quarterly rise since Q4 of 2003.

Analysts had been expecting a 2.2 percent quarterly increase following the 0.1 percent gain in the previous three months.

On an annual basis, gross domestic product eased 2.5 percent - in line with forecasts following the 4.3 percent annual contraction in Q1.

On the production side, manufacturing and services finished higher on quarter, while agriculture, utilities and construction wound up lower. Among expenditures, private spending, government spending, capital investment, construction investment and merchandise imports and exports all finished higher on quarter.

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