South Korea's real gross national income (GNI) grew nearly one percent in the first quarter compared to the previous year.
The Bank of Korea said Friday that the nation’s real GNI inched up eight-tenths of a percent in the first quarter from the fourth quarter of last year.
The central bank attributed the rise in the figure to a recovery in exports and improved trade conditions.
The bank said that the net factor income from the rest of the world also helped raise South Korea’s real GNI after it grew to one-point-six trillion won from one-point-four trillion won during the first quarter.
Meanwhile, the nation’s real gross domestic product grew eight-tenths of a percent, down one-tenth of a percentage point from a projection issued in April.
Private consumption fell four-tenths of a percent, showing the biggest contraction since the first quarter of 2009. The nation’s savings rate, meanwhile, jumped to 31-point-four percent from 30-point-three percent of the previous quarter.