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S.Korea's Q1 GDP revised up to 0.5 percent

Xinhua, June 2, 2016 Adjust font size:

South Korea's first-quarter gross domestic product (GDP) was revised up to 0.5 percent but it was the lowest growth in three quarters, central bank data showed on Thursday.

The first-quarter GDP was revised at 372.37 trillion won (312.29 billion U.S. dollars), up 0.5 percent from the previous quarter, according to the Bank of Korea (BOK). The first-quarter growth was revised up from a 0.4 percent increase announced in April.

Despite the upward revision, the first-quarter growth was the lowest since the second quarter of last year when it recorded a 0.4 percent gain due to lackluster private consumption caused by the outbreak of the Middle East Respiratory Syndrome (MERS).

South Korea's economic growth stayed below 1 percent for seven straight quarters except for the third quarter of last year when the GDP increased 1.2 percent due to fiscal and monetary stimulus.

The central bank was expected to cut its benchmark interest rate further from an all-time low of 1.5 percent amid rising concerns about the prolonged low growth trend. Enditem