South Korea Q1 GDP growth slows but beats expectations
SEOUL: South Korea’s economic growth nearly halved in the first quarter from preceding three months as coronavirus curbs hit private consumption and surging inflation cast doubts over the recovery.
Gross domestic product grew seasonally-adjusted 0.7 per cent in the first quarter from the last quarter of 2021, the Bank of Korea said on Tuesday (Apr 26), slowing from 1.2 per cent a quarter earlier, but slightly faster than 0.6 per cent growth seen in a Reuters survey.
From a year earlier, the economy grew 3.1 per cent, compared with economists’ forecast of 2.8 per cent growth.
