Lee Chang-yong, Governor of the Bank of Korea, noted at a press briefing held right after the Monetary Policy Committee on the 28th that "the sluggish construction industry compared to initial expectations was a factor that lowered this year's economic growth forecast by 0.3 percentage points (p)."
The Bank of Korea presented a growth rate forecast of 0.9% on that day. This is an upward adjustment of 0.1%p compared to the forecast in May (0.8%).
The governor said, "The additional supplementary budget and the improvement in economic sentiment, leading to a recovery in consumption, have acted to raise this year's growth rate by about 0.2%p more than expected."
At the same time, he mentioned, "The strong exports also contributed to raising the growth rate by 0.2%p," adding that "even though the average tariff after the conclusion of the U.S.-Korea tariff negotiations at the end of last month is not significantly different from May, the strong semiconductor market is expected to last longer, and the automobile exports are also reflecting positively."