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S. Korea's GDP grows in Q1 on private consumption

SEOUL
2023-04-25 15:54

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SEOUL, April 25 (Xinhua) -- South Korea's gross domestic product (GDP) grew in the first quarter this year on rebound in private consumption, central bank data showed on Tuesday.

The seasonally-adjusted real GDP, adjusted for inflation, gained 0.3 percent in the January-March quarter compared to the previous quarter, according to the Bank of Korea (BOK).

It turned around after contracting 0.4 percent in the fourth quarter of last year.

Private consumption rebounded 0.5 percent in the first quarter after reducing 0.6 percent in the previous quarter.

The rebound came as the lifting of indoor mask mandate against the COVID-19 pandemic propped up consumption on the leisure and culture and the eatery and lodging services.

Export advanced 3.8 percent in the first quarter from three months earlier due to strong demand for locally-made cars, especially eco-friendly vehicles after dropping 4.6 percent in the previous quarter.

Import expanded 3.5 percent in the January-March quarter on higher domestic demand for chemical products.

Facility investment retreated 4.0 percent owing to weaker machinery demand, but construction investment increased 0.2 percent in the cited quarter.

Fiscal spending added 0.1 percent, and investment in intellectual property went up 0.9 percent.
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