Korean Economy Grew by 1.3 % in Q1 2024 (Preliminary 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 preliminary estimatereleased on June 5. The Korean economy rose 3.3percent year-on-year. On the production side, the figures for agriculture,forestry and fisheries increased by 1.8 percent quarter-on-quarter. Manufacturing grew by 0.9 percent, led byincreased production of transportation equipment.Production of electricity, gas and water supply declinedby 0.1 percent. Construction grew by 5.5 percent as building and civil engineering works both increased.Services increased by 0.9 percent due to increases in the sectors of wholesale and retail trade, andaccommodation and food services. . On the expenditure side, private consumption grew by 0.7 percent, and construction investment grew by3.3 percent quarter-on-quarter. Meanwhile, facility investment decreased by 2.0 percent as a result ofdecreased transportation equipment. Exports grew by 1.8 percent owing to higher exports of IT items suchas semi-conductors and cellular phones. Imports decreased by 0.4 percent as imports of electronicequipment decreased.
Jul 2024