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South Korea's Q1 GDP grows 0.9 percent on export recovery

Xinhua, April 27, 2017 Adjust font size:

South Korea's first-quarter gross domestic product (GDP) grew 0.9 percent compared with the previous quarter thanks to export recovery, central bank data showed on Thursday.

The country's real GDP, the seasonally-adjusted figure, reached 383.6 trillion won (339.6 billion U.S. dollars) in the January-March quarter, up 0.9 percent from the previous quarter, according to the Bank of Korea (BOK).

It was faster than a 0.5 percent expansion tallied in the fourth quarter of last year, marking the highest expansion in three quarters.

From a year earlier, the real GDP advanced 2.7 percent in the March quarter. It was the highest since the second quarter of last year.

Exports, which account for about half of the export-driven economy, increased in recent months, while investment in the construction sector and capital spending also expanded.

The overseas shipments gained 1.9 percent in the first quarter, after falling 0.1 percent in the previous quarter.

Facility investment jumped 4.3 percent on a quarterly basis. From a year earlier, the capital spending soared 14.3 percent.

Construction investment rose 5.3 percent in the March quarter, after shedding 1.2 percent in the prior quarter. Endit