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Economy Grows 0.3% in Q1

Written: 2023-06-02 09:16:42Updated: 2023-06-02 11:47:39

Economy Grows 0.3% in Q1

Photo : YONHAP News

The South Korean economy grew zero-point-three percent in the first quarter, fueled by the release of pent-up consumer demand on the back of lifted COVID-19 mask rules.

According to tentative data by the Bank of Korea on Friday, the country's gross domestic product rebounded in the January-to-March period after shrinking zero-point-four percent in the last three months of 2022 due to sluggish exports.

The on-quarter growth was driven by a zero-point-six-percent increase in private consumption, while facility investment slipped five percent.

Exports increased four-point-five percent, while imports grew four-point-two percent during the period.

The country's real gross national income increased one-point-nine percent in the first quarter from the quarter before.

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