S.Korea's revised GDP posts 4.2 pct growth in Q1

10:56, June 08, 2011      

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South Korea's economy grew 4.2 percent in the first quarter from a year earlier in line with initial estimates, the central bank said Wednesday.

Real gross domestic product (GDP), the broadest measure of economic performance, expanded 4.2 percent on-year for the first three months of this year, unchanged from the earlier estimate, the Bank of Korea (BOK) said in a statement.

From the previous quarter, the real GDP grew 1.3 percent in the first quarter, less than the earlier projection of a 1.4 percent expansion, according to the BOK.

Exports, which account for about 50 percent of South Korea economy, grew 4.6 percent in the first quarter from three months earlier due to strong demand for semiconductors and automobiles. It was higher than the initial estimate of a 3.3 percent gain.

Private consumption, one of the main growth drivers, grew 0.4 percent on-quarter in three months through March, lower than the previous estimate of a 0.5 percent growth.

Facility investment contracted 1.1 percent on-quarter during the January-March period compared with the initial estimate of a 0. 8 percent decline.

Source: Xinhua
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