SEOUL: The Bank of Korea (BOK) announced Wednesday that the country’s economy grew at the fastest pace in over two years in the first quarter of the year as the recovery in exports continued and private spending remained firm.

The country’s real gross domestic product increased 1.3 percent on-quarter in the January-March period, matching an earlier estimate, Yonhap News Agency quoted preliminary data from the BOK as saying.

The first-quarter expansion compares with the 0.5 percent on-quarter expansion in the September-December period and marks the highest since the fourth quarter in 2021, when the economy expanded 1.6 percent.

On a yearly basis, the Republic of Korea’s economy advanced 3.3 percent in the first quarter, higher than the 2.1 percent growth for the last quarter of 2023. All data were compiled on the base year of 2020, according to the bank.

Private spending logged a 0.7 percent rise in the January-March period, accelerating from the previous quarter’s 0.4 percent. Meanwhile, the country’s exp
orts climbed 1.8 percent in the first quarter, slowing from the previous quarter’s 3.9 percent gain.

For the year, the bank expects the economy to rebound slightly, at 2.5 percent.

Source: Emirates News Agency