Seoul: SiltaNews – News Desk
The Republic of Korea’s economy posted its fastest quarterly growth in 5 1/2 years in the first quarter, supported by solid exports amid a semiconductor upcycle and resilient domestic demand, central bank data showed Thursday.
The country’s real gross domestic product (GDP), a key measure of economic growth, rose 1.7% in the January-March period from three months earlier, Yonhap News Agency reported, citing preliminary data from the Bank of Korea (BOK).
It marked the strongest quarterly growth since the third quarter of 2020, when the economy expanded 2.2%. The figure was also nearly twice the BOK’s forecast of 0.9% growth. Exports rose 5.1% in the January-March period from the previous quarter on the back of strong global demand for semiconductors, marking the fastest growth since the third quarter of 2020.
On an on-year basis, the economy expanded 3.6% in the first quarter, up from the 1.6% growth in the previous quarter, the data showed. Real gross domestic income (GDI) rose 7.5% on-quarter in the first quarter, marking the highest level since the first quarter of 1988, when it reached 8%.