The economy grew more than one percent in the first quarter on the back of strong exports and recovery in domestic consumption. 

The Bank of Korea said on Wednesday that the real gross domestic product(GDP) increased one-point-three percent quarter-on-quarter in the January-March period.

The GDP data matches the BOK's earlier estimate and marks the largest quarterly gain since the fourth quarter of 2021. 

The country’s real gross national income(GNI) increased two-point-four percent quarter-on-quarter in the January-March period as the nation’s real trade loss decreased thanks to improved terms of trade.

The real gross domestic income(GDI) also rose two-point-four percent quarter-on-quarter to 561-point-six trillion won in the first three months of this year.