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S.Korea's Q1 GDP Rises 1.1 Pct Quarter-Over-Quarter On Solid Export
April 26th, 2018 | 10:07 AM | 265 views
SEOUL
South Korea's gross domestic product (GDP) rose more than 1 percent in the first quarter due to solid export, which accounted for about half of the export-driven economy, central bank data showed Thursday.
The seasonally-adjusted real GDP reached 395.93 trillion won (366.9 billion U.S. dollars) in the January-March quarter, up 1.1 percent from the previous quarter, according to the Bank of Korea (BOK).
It was a rebound from a 0.2 percent reduction in the fourth quarter of last year, topping market expectations of a 1 percent growth.
From a year earlier, the real GDP increased 2.8 percent in the March quarter.
The robust growth was mainly attributable to exports, which advanced 4.4 percent in the first quarter from the prior quarter on demand for semiconductors, chemicals and machinery equipment.
The export declined 5.3 percent in the fourth quarter of last year as companies brought forward outbound shipment ahead of the long Chuseok holiday, the South Korean version of Thanksgiving Day, in October.
Imports climbed 5.5 percent in the first quarter on demand for natural gas and general machinery.
Helped by the robust exports, facility investment gained 5.2 percent in the first quarter, marking the highest in five quarters. Demand was strong for semiconductor equipment and machinery amid the global boom in the chip sector.
Investment in the construction industry grew 2.8 percent in the first quarter from three months earlier, after reducing 2.3 percent in the previous quarter. It was the highest since the first quarter of last year.
Source:
courtesy of XINHUA NEWS AGENCY
by XINHUA NEWS
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