News Briefing
Korean economy grew by 1.3 % in Q1 2024 (Advance Estimate)
Korea’s real gross domestic product (GDP) grew by 1.3 percent quarter-on-quarter in the first quarter of 2023, according to the Bank of Korea’s advance estimate released on April 25. The Korean economy rose 3.4 percent 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 by increased production of chemical products and transportation equipment. Production of electricity, gas and water supply grew by 1.8 percent. Construction grew by 4.8 percent as building and civil engineering works both increased. Services increased by 0.7 percent due to increases in the sectors of wholesale and retail trade, and accommodation and food services. .
On the expenditure side, private consumption grew by 0.8 percent, and construction investment decreased by 2.7 percent. Meanwhile, facility investment decreased by 0.8 percent as a result of decreased transportation equipment. Exports grew by 0.9 percent owing to higher exports of IT items such as cellular phones. Imports decreased by 0.7 percent as imports of electronic equipment decreased.
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 by increased production of chemical products and transportation equipment. Production of electricity, gas and water supply grew by 1.8 percent. Construction grew by 4.8 percent as building and civil engineering works both increased. Services increased by 0.7 percent due to increases in the sectors of wholesale and retail trade, and accommodation and food services. .
On the expenditure side, private consumption grew by 0.8 percent, and construction investment decreased by 2.7 percent. Meanwhile, facility investment decreased by 0.8 percent as a result of decreased transportation equipment. Exports grew by 0.9 percent owing to higher exports of IT items such as cellular phones. Imports decreased by 0.7 percent as imports of electronic equipment decreased.
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