The economy grew less than one percent in the first quarter as the omicron wave, supply disruptions and the war in Ukraine pulled down consumption and investment.

The Bank of Korea said on Tuesday that the country's gross domestic product(GDP) is estimated to have expanded zero-point-seven percent on-quarter in the January-March period.

The central bank projected in February that the economy would grow three percent this year, but it is unlikely to reach the forecast.

The economy expanded one-point-two percent on-quarter in the fourth quarter of last year but fell back below one percent in the first quarter.

Private consumption decreased point-five percent during the cited period, while investments in facility and construction slipped four percent and two-point-four percent, respectively.

Exports, however, grew four-point-one percent, while imports increased zero-point-seven percent in the first quarter.