News Briefing
Korean Economy Grew by 1.3 % in Q1 2024 (Preliminary Estimate)
Jul 2024
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 preliminary estimate released on June 5. The Korean economy rose 3.3 percent 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 by increased production of transportation equipment. Production of electricity, gas and water supply declined by 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, and accommodation and food services. .
On the expenditure side, private consumption grew by 0.7 percent, and construction investment grew by 3.3 percent quarter-on-quarter. Meanwhile, facility investment decreased by 2.0 percent as a result of decreased transportation equipment. Exports grew by 1.8 percent owing to higher exports of IT items such as semi-conductors and cellular phones. Imports decreased by 0.4 percent as imports of electronic equipment decreased.
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 by increased production of transportation equipment. Production of electricity, gas and water supply declined by 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, and accommodation and food services. .
On the expenditure side, private consumption grew by 0.7 percent, and construction investment grew by 3.3 percent quarter-on-quarter. Meanwhile, facility investment decreased by 2.0 percent as a result of decreased transportation equipment. Exports grew by 1.8 percent owing to higher exports of IT items such as semi-conductors and cellular phones. Imports decreased by 0.4 percent as imports of electronic equipment decreased.
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