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News Briefing
Korea’s economy grows 0.3% in Q1 2023 (preliminary estimate)

Koreas real gross domestic product (GDP) rose 0.3 percent quarteron-quarter in the first quarter of 2023, remaining unchanged from the advance estimate, according to the preliminary estimate released by the Bank of Korea (BOK) on June 2. The Korean economy grew 0.9 percent year-on-year. On the production side, agriculture, forestry fisheries fell 6.3 percent quarter-on-quarter. Manufacturing increased 1.3 percent as transportation equipment and primary metals climbed. Construction rose 3.0 percent backed by building construction. Services remained unchanged as healthcare welfare services increased while transportation storage decreased. On the expenditure side, private consumption rose 0.6 percent and government spending rose 0.4 percent. Construction investment increased 1.3 percent backed by building construction. Facility investment decreased 5.0 percent as machinery fell. Exports rose 4.5 percent as transportation equipment increased. Imports rose 4.2 percent as chemical products climbed.

Jul 2023
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