SEOUL, Aug. 8 (Xinhua) -- South Korea's state-run think tank on Thursday revised down the Asian economy's growth outlook for this year by 0.1 percentage point.

Real gross domestic product (GDP), adjusted for inflation, was forecast to expand 2.5 percent in 2024, according to the Korea Development Institute (KDI).

It was down 0.1 percentage point compared to the previous estimate unveiled three months earlier.

The KDI forecast was equivalent to the outlooks from the Bank of Korea (BOK) and the International Monetary Fund (IMF).

The country's real GDP shrank 0.2 percent in the second quarter from three months earlier after soaring 1.3 percent in the first quarter.

Export was predicted to go up 7.0 percent this year, higher than the previous growth estimate of 5.6 percent amid rising demand for locally-made semiconductors.

Growth estimates for private consumption and facility investment were cut to 1.5 percent and 0.4 percent each from the previous forecasts of 1.8 percent and 2.2 percent.

Construction investment was projected to decrease 0.4 percent in 2024, while outlook for this year's consumer price inflation was lowered to 2.4 percent from the previous 2.6 percent. Enditem

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