Latest News

Dow Jones Newswires: South Korea’s first-quarter economic growth decelerates


South Korea’s economic growth decelerated in the first quarter, as pandemic restrictions weighed on private consumption and investment.

Gross domestic product grew 0.7% during the January-March period from the prior quarter, slower than a revised 1.2% expansion for the fourth quarter of 2021, preliminary Bank of Korea data showed on Tuesday.

The latest reading–above a market forecast of 0.6% quarter-on-quarter growth–showed both private consumption and construction investment swung to contraction and equipment investment shrank further, while exports kept solid growth on demand for semiconductors and chemicals.

Year-on-year, the economy expanded 3.1% in the first quarter following the prior quarter’s revised 4.2% growth.

That beat a market forecast of a 2.8% year-on-year expansion for the first quarter.

Consumer spending in South Korea may pick up in the second quarter as the government in April removed most of the Covid-19 social-distancing restrictions with the omicron variant’s spread slowing. The export-led economy is still facing challenges from the war in Ukraine and Chinese lockdowns, which exacerbate global supply-chain disruptions, analysts said.

The International Monetary Fund last week slashed its 2022 growth forecast for South Korea to 2.5% from 3%.

The Bank of Korea expects the country’s GDP growth to undershoot its earlier forecast of 3% for this year.

The Moneyist: ‘I don’t want to come across as greedy.’ My stepfather promised to take care of me and my sister in his will, but I’m not sure how to broach this topic with his children.

Previous article

: Shareholders push for more board diversity at Tesla, Google, Wells Fargo and Home Depot

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News