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S.Korea's GDP grows 0.7 pct in Q1 on quarter

SEOUL
2022-04-26 09:46

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SEOUL, April 26 (Xinhua) -- South Korea's economy got off to a slower start in the first quarter of this year due to challenges from an increasingly complex international environment and the continued COVID-19 resurgence at home.

Real gross domestic product (GDP), adjusted for inflation, grew 0.7 percent in the January-March quarter compared to the previous quarter, Bank of Korea (BOK) data showed Tuesday.

It was down from the 1.2 percent expansion tallied in the fourth quarter of last year, but the real GDP kept increasing for the seventh consecutive quarter since the third quarter of 2020.

The slower growth was caused by external uncertainties, such as global supply disruptions and geopolitical risks in Europe, as well as the continued pandemic at home.

South Korea's health authorities estimated that the COVID-19 resurgence, driven by the Omicron variant of the virus, may have peaked in the middle of March, but experts here voiced worry about another resurgence later this year.
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