Economic Buzz: South Koreas Q1 GDP Expands 0.7% On Quarter

26 Apr 2022 , 11:50 AM

The Gross Domestic Product of South Korea gained a seasonally adjusted 0.7 percent on quarter in the first three months of 2022, according to the Bank of Koreas advance estimate. Real gross domestic income increased 0.6 percent on quarter and 0.1 percent on year. On the expenditure side, private consumption fell by 0.5 percent. Construction investment declined by 2.4 percent, as building construction and civil engineering decreased. Exports increased by 4.1 percent, imports were up by 0.7 percent, owing to increased imports of crude oil. Manufacturing rose by 3.4 percent. On a yearly basis, GDP rose 3.1 percent, down from 4.2 percent in the three months prior.

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