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ROK's economy grows 0.8 percent in Q1

Xinhua, April 23, 2015 Adjust font size:

Economic growth of the Republic of Korea stayed below one percent for four straight quarters due to the sluggishness in exports and private consumption, boosting worries about a prolonged trend of low growth, central bank data showed Thursday.

Real gross domestic product (GDP) increased 0.8 percent in the first quarter from three months earlier, according to the Bank of Korea (BOK). It was roughly in line with the BOK's growth outlook and market expectations.

After rebounding to 1.1 percent in the first quarter of 2014, the real GDP growth stayed below one percent, with 0.5 percent in the second quarter of 2014, 0.8 percent in the third and 0.3 percent in the fourth.

The slow growth came amid the sluggishness in both exports and private consumption. Private consumption rose 0.6 percent in the first quarter, and exports, which account for about half of the economy, were unchanged from the previous quarter.

The BOK revised down its 2015 growth outlook to 3.1 percent in March from 3.4 percent estimated three months earlier. It was far lower than the government's growth forecast for 2015 at 3.8 percent. Enditem