Official statistics revealed South Korea’s economy grew 0.3% in the first quarter of this year, in line with forecasts, unchanged from previous estimates, mainly due to a sustained recovery in private spending amid an extended slowdown in exports.
South Korea’s gross domestic product (GDP), a key measure of economic growth in the first quarter of this year, rose by 0.3 percent from the previous quarter, according to Central Bank statistics.
The expansion in the first quarter came after a contraction of 0.3%, on a quarterly basis in the fourth quarter of last year, meaning the economy narrowly avoided a recession.
The latest figure corresponds to the central bank’s previous estimates announced in early April. It reflected the latest data on industrial output and other major economic indicators.
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