Seoul: The Republic of Korea's economy posted its fastest quarterly growth in 5 1/2 years in the first quarter, supported by solid exports amid a semiconductor upcycle and resilient domestic demand, central bank data showed Thursday. The country's real gross domestic product (GDP) - a key measure of economic growth - rose 1.7 percent in the January-March period from three months earlier.
According to Emirates News Agency, the data was obtained from the Bank of Korea (BOK) and it marked the strongest quarterly growth since the third quarter of 2020 when the economy expanded 2.2 percent. The figure was nearly twice the BOK's forecast of 0.9 percent growth.
Exports rose 5.1 percent in the January-March period from the previous quarter, driven by strong global demand for semiconductors, marking the fastest growth since the third quarter of 2020. On an on-year basis, the economy expanded 3.6 percent in the first quarter, up from the 1.6 percent growth in the previous quarter.
Real gross domestic income (GDI) rose 7.5 percent on-quarter in the first quarter, achieving the highest level since the first quarter of 1988 when it reached 8 percent.
