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