- Korea grows 3.0% in Q1 2022
Korea’s real gross domestic product (GDP) rose 0.6 percent quarter-on-quarter and rose 3.0 percent year-on-year in the first quarter of 2022, down 0.1 percentage points from the advance estimate, according to the Bank of Korea’s preliminary estimate released on June 8.
On the production side, agriculture, forestry & fisheries grew 1.6 percent quarter-on-quarter. Manufacturing rose 3.3 percent as computer, electronic & optical products and chemical products grew. Construction went down 1.6 percent as both building construction and civil engineering works fell. Services remained unchanged as transportation & storage fell, while education services rose.
On the expenditure side, private consumption dropped 0.5 percent quarter-on-quarter and government spending remained unchanged. Construction investment went down 3.9 percent as both building construction and civil engineering works fell. Facility investment fell 3.9 percent as both machinery and transportation equipment decreased. Exports grew 3.6 percent backed by strong semiconductors and chemical products, and imports went down 0.6 percent due to weak machinery & equipment.