East Asia Econ

East Asia Today

Korea Q2 GDP beat market expectations, with the highlight for me being the strength of real GDI and nominal GDP. Strong growth in Taiwan also continues, with both industrial production and retail sales rising in June, and M2 growth accelerating above 8% YoY.

Paul Cavey

Jul 23, 2026 • 2 min read

Subscribers Only

Korea – nominal growth nears 20%

Korea's real GDP growth in Q1 was solid, but nominal continues to be spectacular, rising almost 20% YoY for the first time in 30 years. Stronger nominal growth is typical of a commodity boom, and suggests more upside for rates than implied by inflation and real GDP alone.

Subscribers Only

East Asia Today

In Japan, June export data and Q1 household incomes. Korea's Q3 loan officer survey was mixed, while PPI inflation was strong. Taiwan's labour market remains tight, with the unemployment rate anchored at 20-year lows.

Subscribers Only

Japan – higher asset prices not enough for households

Today's data for June exports and Q1 household incomes illustrate three of the big macro themes of the moment: Japan's role in the AI infrastructure supply chain, the benefits for households of buoyant asset markets, and why politicians are nonetheless talking about fiscal help for households.