The Bank of Korea(BOK) has raised its growth outlook for this year slightly, to zero-point-nine percent.

The central bank presented the revised outlook Thursday, upgrading its forecast by one-tenth of a percentage point from its previous outlook in May to reflect the effects of this year’s second supplementary budget. 

It marks the BOK’s first upward revision for 2025 growth, after the figure was slashed multiple times since November 2023.

The latest outlook is higher than the zero-point-eight percent forecast by the International Monetary Fund and the Korea Development Institute, but slightly lower than the one percent projected by the Organization for Economic Cooperation and Development.

Early in July, BOK Gov. Rhee Chang-yong said in a media interview that the government’s two extra budgets this year would likely boost the 2025 growth figure by about zero-point-two percentage point.