Economic Bulletin | KDI 경제교육·정보센터

KDI 경제교육·정보센터

Economic Information and Education Center

News Briefing

Korean economy grew by 1.3 % in Q1 2024 (Advance Estimate)

Koreas real gross domestic product (GDP) grew by 1.3percent quarter-on-quarter in the first quarter of 2023,according to the Bank of Koreas advance estimatereleased on April 25. The Korean economy rose 3.4percent year-on-year. On the production side, the figures for agriculture,forestry and fisheries declined by 3.1 percent quarter？on-quarter. Manufacturing grew by 1.2 percent, led byincreased production of chemical products andtransportation equipment. Production of electricity, gasand water supply grew by 1.8 percent. Constructiongrew by 4.8 percent as building and civil engineering works both increased. Services increased by 0.7percent due to increases in the sectors of wholesale and retail trade, and accommodation and foodservices. . On the expenditure side, private consumption grew by 0.8 percent, and construction investment decreasedby 2.7 percent. Meanwhile, facility investment decreased by 0.8 percent as a result of decreasedtransportation equipment. Exports grew by 0.9 percent owing to higher exports of IT items such as cellularphones. Imports decreased by 0.7 percent as imports of electronic equipment decreased.

May 2024