SEOUL :South Korea's heavily trade-reliant economy barely averted a recession posting slim growth in the first quarter, but the outlook remained clouded by weak exports due to a cooling global economy, even with China's reopening.South Korea's gross domestic product (GDP) in the first quarter expanded by 0.3
SEOUL :South Korea's heavily trade-reliant economy barely averted a recession posting slim growth in the first quarter, but the outlook remained clouded by weak exports due to a cooling global economy, even with China's reopening.
Still, economists saw it as little more than a technical rebound after a 0.4 per cent contraction during the final quarter of 2022, which was the first decline in 2-1/2 years, and reinforced their view that the central bank's tightening cycle is over. The biggest contributor to GDP during the first quarter was private consumption, posting growth of 0.5 per cent, while capital investment dented economic growth, dropping 4.0 per cent. Exports rose 3.8 per cent, while imports grew 3.5 per cent.
The Bank of Korea said earlier this month that this year's economic growth would be weaker than its earlier projection of 1.6 per cent, as the central bank left interest rates steady for the second consecutive meeting in a row.
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