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Economy Grows 1.3% in Q1

Written: 2024-04-25 09:03:01Updated: 2024-04-25 18:38:07

Economy Grows 1.3% in Q1

Photo : YONHAP News

The South Korean economy grew one-point-three percent in the first quarter. 

According to tentative data by the Bank of Korea on Thursday, the country's real gross domestic product(GDP) increased one-point-three percent in the January-March period from the previous quarter. 

It marks the largest quarterly growth in 27 months since the fourth quarter of 2021, when it posted one-point-four percent. 

Compared to a year earlier, the real GDP grew three-point-four percent. 

The growth was led by exports and construction investment, which increased zero-point-nine percent and two-point-seven percent, respectively, in the first quarter. 

Private consumption increased zero-point-eight percent in the first quarter, while facility investment decreased zero-point-eight percent.

The nation’s real gross domestic income climbed two-and-a-half percent in the first quarter compared to the previous quarter.

Regarding the figures, the presidential office said South Korea is seeing a balanced recovery between exports and domestic demand, and cautiously projected that the nation’s economic growth for this year may be able to exceed its two-point-two percent forecast.

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