South Korea’s economy grew by 0.3% on a quarterly basis in the first quarter of 2023, the same rate as the previous quarter.
According to data from the Central Bank of Korea, the country’s GDP rose about 0.9% year-on-year in the same period, unchanged from preliminary estimates announced last April.
The central bank attributed the stabilization of growth rates to a recovery in private and government spending and investment in various sectors, as opposed to slowing export growth due to declining demand from some of the country’s trading partners.
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