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South Korea Economy Likely Returned to Growth in Q1
Exports rose 5.1% as semiconductor shipments offset weak public spending, with the Bank of Korea saying chipmakers accounted for nearly half of growth.
- On Thursday, the Bank of Korea reported South Korea's economy expanded 1.7% in the first quarter, marking the fastest growth in 5 1/2 years, driven by a 5.1% jump in exports.
- Semiconductor manufacturing accounted for "nearly half of first-quarter GDP growth," BOK official Lee Dong-won noted, while facility investment gained 4.8% and private consumption added 0.5%.
- Real gross domestic income rose 7.5% on-quarter, the highest level since the first quarter of 1988, while the economy expanded 3.6% year-on-year, exceeding the median estimate of 2.7%.
- The central bank warned last week that growth momentum has weakened, with this year's outlook likely falling below earlier forecasts due to the prolonged Middle East conflict.
- Government official Koo emphasized authorities will remain alert to ensure macroeconomic stability as economic effects of the Middle East conflict are expected to emerge in April.
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The explosion in demand for semiconductors has brought the South Korean economy to its highest rate of growth in more than five years at the...
·Paris, France
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Korea's GDP expands 1.7% in first quarter, fastest growth in 5 1/2 years: BOK
Despite the ongoing crisis in the Middle East, the South Korean economy posted its fastest quarterly growth in 5 1/2 years in the first quarter, supported by solid exports and resilient domestic demand, central bank data showed Thursday. The country's real gross domestic product (GDP) -- a key measure of economic growth -- rose 1.7 percent in the January-March period from three months earlier, according to the preliminary data from the Bank of K…
·Korea (the Republic of)
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Total News Sources18
Leaning Left3Leaning Right5Center3Last UpdatedBias Distribution46% Right
Bias Distribution
- 46% of the sources lean Right
46% Right
L 27%
C 27%
R 46%
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