SoKor’s Q1 GDP accelerates on upbeat investment, exports
South Korea posted a better-than-expected economic expansion in the first quarter. The jump extended the country’s export-driven recovery as the government maintained its support for struggling small businesses.
The country’s gross domestic product (GDP) advanced a seasonally adjusted 1.6% in March as exports and facility investment jumped, the Bank of Korea said on Tuesday. The expansion came larger than the 1.0% estimate rendered in a Reuters survey. This also placed higher than the 1.2% reading recorded in the fourth quarter of 2020.
The figures indicated a well-sustained economic recovery after the country saw a 1.0% drop last year. The downturn, which was the sharpest since 1998, was mainly from a decrease in exports and stagnations encountered by chip and electronic manufacturers.