S. Korea's economy grows 2.1% in Q1

15:30, June 04, 2010      

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South Korea's economy gained 2.1 percent growth in the first quarter of this year from the previous quarter, The Bank of Korea (BOK) said on Friday.

The figure is higher than an earlier estimate of 1.8 percent announced in April, according to the South Korean central bank.

The gross domestic product (GDP) in the first quarter also grew 8.1 percent on-year, the highest since the fourth quarter of 2002, BOK added.

The BOK attributed the economy expansion in the January-March period to the solid growth in manufacturing, as it expanded by 4.2 percent from the previous quarter, and grew 20.7 percent on-year.

Meanwhile, the country's exports gained 3.7 percent compared to the previous quarter, and private spending increased 0.7 percent on-quarter, the BOK said.

Investments in facility and construction also expanded 2.4 percent and 1.3 percent on-quarter respectively, it added.

The central bank also reported that real gross national income in the first quarter grew 8.9 percent on-year, the highest in ten years, but only grew 0.9 percent from the previous quarter, lower than 2.7 percent gained in October-December period of 2009.



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