South Korea’s Q1 GDP Up 1.7% Q/Q, Ticks Up From Earlier Estimate

South Korea
FILE PHOTO: A truck drives between shipping containers at a container terminal at Incheon port in Incheon, South Korea, May 26, 2016.REUTERS/Kim Hong-Ji TPX IMAGES OF THE DAY

SEOUL ⸺ South Korea’s economy expanded by a seasonally adjusted 1.7% in the first quarter, revised central bank data showed on Wednesday, a notch above the 1.6% growth estimated in late April.

Towing the growth were private consumption and facilities investment that grew 1.2% and 6.1% quarter-on-quarter, respectively. First-quarter growth for facilities investment was the sharpest in nine years.

Construction investment was sharply revised up to 1.3% growth, from a 0.4% gain estimated earlier, while exports jumped 2.0%, better than a 1.9% rise reported earlier.

From a year earlier, the economy grew a revised 1.9% during the period, better than the 1.8% expansion seen previously.

Reporting by Joori Roh; Editing by Chris Reese; Reuters

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