Seoul, June 09 (QNA) - The South Korean economy grew at the fastest pace in more than five years in the first quarter, supported by strong exports and solid domestic demand, central bank data showed Thursday.
The real gross domestic product (GDP) rose 1.8% in the January-March period from the previous quarter, 0.1 percentage-point higher than the earlier estimate, according to preliminary data from the Bank of Korea (BOK).
The reading marked the strongest quarterly growth since the third quarter of 2020, when the economy grew 2.3%.
On a yearly basis, the economy expanded 3.8% in the first quarter, a sharp pickup from the 1.6% growth recorded in the fourth quarter of last year. The on-year growth was the highest since the fourth quarter of 2021, when the economy grew 4.5% from a year earlier.
The BOK said the 0.1% upward revision to first-quarter GDP came as updated statistics related to facility investment and private consumption were reflected in the latest figures.
Exports advanced 5.9% from the previous quarter, supported by strong global demand for semiconductors, machinery and automobiles.
Facility investment grew 6.6%, marking the strongest growth in four years, and construction investment gained 1.4 %.
Private consumption increased 0.6%, while government spending fell 0.4%. (QNA)