South Korea’s first-quarter gross domestic product (GDP) grew 0.9 per cent 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) in the January-March quarter, up 0.9 per cent from the previous quarter, according to the Bank of Korea, Xinhua news agency reported.
It was faster than a 0.5 per cent 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 per cent 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 per cent in the first quarter, after falling 0.1 per cent in the previous quarter.
Facility investment jumped 4.3 per cent on a quarterly basis. From a year earlier, the capital spending soared 14.3 per cent. Construction investment rose 5.3 per cent in the March quarter, after shedding 1.2 per cent in the prior quarter.