S. Korea Q1 GDP Up 0.3% Q/q

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It's June 1, 2023 at 7:10 PM in Eastern Daylight Time.

In a picture from April 2017, a woman stares at her phone while standing in a shopping district in Seoul. The photo was taken by Kim Hong-Ji and was used in a blog post.

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South Korea's economy increased by 0.3% in Q1, according to revised central bank data released on Friday. This matches the April estimate.

The country's gross domestic product increased in January-March after decreasing by 0.3% last quarter. Last quarter was the first time it decreased since mid-2020.

Private spending went up by 0.6% per quarter, making it the biggest factor. Investment in facilities and construction decreased by 5.0% and increased by 1.3% respectively. Exports went up 4.5%, while imports went up by 4.2%.

The economy in Asia's fourth-largest country grew 0.9% in the first quarter. This is an increase from the previous estimate of 0.8%. However, it is the weakest growth since the end of 2020.

South Korea grew by 2.6% in 2022. It was the fastest yearly growth in 11 years. In 2021, there was a revised 4.3% jump.

Jihoon Lee and Soo-hyang Choi reported this news while Ed Davies and Jacqueline Wong did the editing.