Korea’s economy grows by 1.8% during the first quarter, supported by exports and strong domestic demand
SEOUL, June 9, 2017 (WAM) – The economy of the Republic of Korea achieved growth at its fastest pace in more than five years during the first quarter of this year, supported by strong exports and strong domestic demand, according to data issued today, Tuesday, by the Central Bank of Korea.
The Korean Yonhap News Agency quoted the bank as saying that the real gross domestic product rose during the period from January to March 2026 by 1.8% compared to the previous quarter, and represents an increase of 0.1 percentage points over the previous estimate.
The data showed that the number recorded the strongest quarterly growth since the third quarter of 2020, when the economy grew by 2.3%.
She added that on an annual basis, the economy grew by 3.8% during the first quarter, recording a remarkable recovery compared to the growth rate of 1.6% recorded during the last quarter of last year, and this growth on an annual basis is the highest since the last quarter of 2021 when the economy grew by 4.5% compared to the previous year.
The central bank said that the 0.1 percentage point upward adjustment to GDP during the first quarter came as a result of updating statistics related to utility investments and private consumption, which was reflected in the latest figures.
The data indicated that the Korean economy contracted by 0.1% on a quarterly basis during the fourth quarter of last year due to the slowdown in the manufacturing sector.
She explained that exports increased during the first quarter by 5.9% compared to the previous quarter, supported by strong global demand for semiconductors, machinery and cars, and this number represents the highest increase since the third quarter of 2020.
The Central Bank explained that domestic demand and net exports contributed by 0.7 percentage points and 1.1 percentage points, respectively, to economic growth for the first quarter.
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