April 19, 2024
Economy
Korean economy improves pace of growth
[THE INVESTOR] Korea’s economy grew at a faster-than-expected pace in the first quarter from three months earlier, central bank data showed on June 2.
The country’s gross domestic product expanded 1.1 percent in the January-March period from the previous quarter, accelerating from a 0.5 percent on-quarter expansion three month earlier, according to preliminary data from the Bank of Korea.
The latest reading marks a slight increase from an earlier estimate of a 0.9 percent expansion in late April.
From a year earlier, the local economy grew 2.9 percent in the first quarter, compared with a 2.4 percent on-year expansion in the previous quarter.
Construction investment rose 6.8 percent in the first quarter from three months earlier and facility investment increased 4.4 percent, led by the growth of investment in machinery, such as semiconductor manufacturing equipment.
The BOK said consumer spending grew 0.4 percent in the first quarter from three months earlier, while exports increased 2.1 percent during the same period.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The country’s gross domestic product expanded 1.1 percent in the January-March period from the previous quarter, accelerating from a 0.5 percent on-quarter expansion three month earlier, according to preliminary data from the Bank of Korea.
The latest reading marks a slight increase from an earlier estimate of a 0.9 percent expansion in late April.
From a year earlier, the local economy grew 2.9 percent in the first quarter, compared with a 2.4 percent on-year expansion in the previous quarter.
Construction investment rose 6.8 percent in the first quarter from three months earlier and facility investment increased 4.4 percent, led by the growth of investment in machinery, such as semiconductor manufacturing equipment.
The BOK said consumer spending grew 0.4 percent in the first quarter from three months earlier, while exports increased 2.1 percent during the same period.
By Alex Lee and newswires (alexlee@heraldcorp.com)
