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S. Korea's revised Q1 GDP growth unchanged at 0.8 pct

Xinhua, June 4, 2015 Adjust font size:

The revised figure for South Korea's real gross domestic product (GDP) growth in the first quarter showed no change from the preliminary number, the central bank data showed Thursday.

Revised real GDP increased 0.8 percent in the first quarter from three months earlier, unchanged from the initial figure unveiled in April, according to the Bank of Korea.

The country's economic growth has stayed below 1 percent for four straight quarters to the first quarter.

Production in the construction sector expanded 2 percent in the first quarter on a quarterly basis as the housing market recovered on eased regulations on mortgage financing and rate cuts by the BOK.

The central bank lowered the benchmark interest rate to an all- time low of 1.75 percent in March after cutting it by 25 basis points in August and October last year respectively.

Production among manufacturers rose 0.4 percent, with those for service firms increasing 0.9 percent.

Exports, which account for about half of the economy, inched up 0.1 percent during the quarter, and imports rose 0.6 percent.

Construction investment jumped 7.4 percent, but the growth in private consumption stood merely at 0.6 percent. Facility investment edged up 0.2 percent in the quarter.

Gross national income (GNI), which gauges all income earned by people, jumped 4.2 percent in the first quarter from three months earlier, marking the largest quarterly increase since the second quarter of 2009.

The fast increase in the national income came on the back of improved terms of trade amid low oil prices and an increase in dividend and interest incomes from overseas. Endi