South Korea's economic growth hit the highest in six quarters, showing signs of recovery, central bank data showed Friday.
Revised figure for the real gross domestic product (GDP) increased 1.1 percent in the January-March quarter from three months earlier, according to the Bank of Korea (BOK).
It was the highest since the third quarter of 2015. It was revised up from the preliminary figure of a 0.9 percent expansion. In the fourth quarter of last year, the real GDP grew 0.5 percent from the previous quarter. From a year earlier, the real GDP expanded 2.9 percent in the first quarter. The first-quarter growth reflected rising expectations for faster economic expansion this year. BOK Governor Lee Ju-yeol told a press briefing earlier this month after freezing the benchmark interest rate at an all-time low of 1.25 percent that the bank's growth outlook for this year would be revised up from an initial figure of 2.6 percent. Construction investment jumped 6.8 percent in the January-March quarter as households rushed to purchase new home with borrowed money amid the record-low interest rate. Export growth for the first quarter was revised up from 1.9 percent to 2.1 percent on the back of strong demand for locally-made semiconductors as well as machinery and equipment. Facility investment rose 4.4 percent in the first quarter compared with the prior quarter, and private consumption grew 0.4 percent.
Latest comments