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South Korea's GDP rises 1.7% as industrial output expands despite manufacturing contraction
5 articles |
Updated 2d ago |
Created 2d ago
South Korea's economy grew at its fastest pace in two years, expanding to reach nearly USD 1 trillion as the National Statistical Office confirmed a GDP rise of approximately $548 billion on March 13th morning reports indicating an increase from previous period figures while specific sub-sectors like semiconductors saw declines offset by gains elsewhere.
Key Points
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1South Korea's economy grew by only 1.7% in the first quarter, significantly below expectations of around 2%.
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2The growth rate was driven primarily by a surge in exports and an increase in business investment.
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3Despite positive momentum from trade sectors, domestic consumption remained weak due to high inflation costs for households.
Developments
[Mar 13]
Economy grew by a revised QoQ rate of +0.7% (annualized), bringing the first-quarter growth total up slightly to an estimated annual pace near zero.
[Mar 12, ~Evening]
Initial estimates for March's economic activity were revised downward from a previously reported +0.8% QoQ rate (annualized) due to weaker domestic demand and import costs offsetting export gains.