SEOUL : South Korea's economy grew 0.3 per cent in the first quarter from the previous quarter, revised central bank data showed on Friday, matching its earlier estimate in April.The expansion in the country's gross domestic product during the January-March period followed a 0.3 per cent contraction in th
SEOUL : South Korea's economy grew 0.3 per cent in the first quarter from the previous quarter, revised central bank data showed on Friday, matching its earlier estimate in April.
The expansion in the country's gross domestic product during the January-March period followed a 0.3 per cent contraction in the last three months of 2022, which was the first quarterly fall since the second quarter of 2020. The biggest contributor was private consumption, which increased by a revised 0.6 per cent quarter-on-quarter, while facilities and construction investments were 5.0 per cent lower and 1.3 per cent higher, respectively. Exports rose 4.5 per cent, while imports climbed 4.2 per cent.
Asia's fourth-largest economy grew 0.9 per cent in the first quarter over a year earlier, revised up from the previous estimate of 0.8 per cent. It was the weakest annual increase since the last quarter of 2020. In 2022, South Korea grew 2.6 per cent, after a revised 4.3 per cent jump in 2021, which was the fastest yearly growth in 11 years.
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