S. Korea's economy grows 1.3 in Q1, matching earlier estimate

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S. Korea's economy grows 1.3 in Q1, matching earlier estimate

[05/06/2024 11:44]

SEOUL-SABA
South Korea's economy grew at the fastest pace in over two years in the first quarter of this 2024 with 1.3 percent.

The S. Korean News Agency (Yonhap) reported that the country's real gross domestic product -- a key measure of economic growth -- increased 1.3 percent on-quarter in the January-March period, matching an earlier estimate, according to preliminary data from the Bank of Korea (BOK).

The first-quarter expansion compares with the 0.5 percent on-quarter expansion in the September-December period and marks the highest since the fourth quarter in 2021, when the economy expanded 1.6 percent.

On a yearly basis, South Korea's economy advanced 3.3 percent in the first quarter, higher than the 2.1 percent growth for the last quarter of 2023.

Last month, the central bank held its key interest rate steady at 3.5 percent for the 11th straight time.