Korea’s real gross domestic product (GDP) rose 0.3 percent quarter-on-quarter in the first quarter of 2023, according to the advance estimate released by the Bank of Korea (BOK) on April 25. The Korean economy grew 0.8 percent year-on-year.
On the production side, agriculture, forestry & fisheries fell 2.5 percent quarter-on-quarter as crop yields decreased. Manufacturing rose 2.6 percent as transportation equipment and primary metals increased. Electricity, gas & water supply fell 2.0 percent as gas supply declined. Construction rose 1.8 percent backed by building construction. Services fell 0.2 percent as wholesale & retail and hotels & restaurants decreased as well as transportation & storage.
On the expenditure side, private consumption rose 0.5 percent and government spending rose 0.1 percent. Construction investment rose 0.2 percent backed by building construction. Facility investment decreased 4.0 percent as machinery fell. Exports rose 3.8 percent as transportation equipment increased. Imports rose 3.5 percent as chemical products climbed.