The economy grew just zero-point-six percent in the first quarter from the previous quarter as a combination of the omicron wave, supply disruptions and the war in Ukraine discouraged consumption and investment.

The Bank of Korea on Wednesday issued a revised quarterly estimate on the country's gross domestic product(GDP) for the January-to-March period, down by zero-point-one percentage point from its earlier projection announced in April.

Although the economy expanded for the seventh consecutive quarter, the latest figure is zero-point-seven percentage points lower than the fourth quarter of last year.

Private consumption declined on-quarter by half a percentage point while facility investment saw the biggest contraction in three years with a three-point-nine percent decrease. Construction investment also fell by three-point-nine percent.

Exports, however, gained three-point-six percent, while imports dropped zero-point-six percent.

Last month, the central bank cut its growth outlook for this year by zero-point-three percentage points to two-point-seven percent.