S. Korea's Q1 economic expansion faster than expected at 1.7 pct

김덕현 / 2021-06-09 08:02:25
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GDP-Q1 revision
▲ This undated file photo shows ships carrying containers docked at a port in South Korea's southeastern city of Busan. (Yonhap)

GDP-Q1 revision

S. Korea's Q1 economic expansion faster than expected at 1.7 pct

By Kim Deok-hyun

SEOUL, June 9 (Yonhap) -- South Korea's economy grew slightly faster than expected in the first quarter, thanks to a robust recovery of exports and facility investment, central bank data showed Wednesday.

Asia's fourth-largest economy grew 1.7 percent in the first quarter from three months earlier, 0.1 percentage point higher than earlier expected, according to preliminary data from the Bank of Korea (BOK).

The country's annualized growth in the January-March period was also revised up to 1.9 percent, up 0.1 percentage point.

"Facilities investment grew by 6.1 percent, led by the growth of investment in machinery and transportation equipment," the BOK said in a statement.

"Exports increased by 2 percent, as exports of goods, such as motor vehicles and mobile phones, expanded," it said.

Last month, the BOK sharply raised its 2021 growth outlook to 4 percent from 3 percent, while holding its benchmark policy rate unchanged at a record low of 0.5 percent, amid a strong rebound in exports.

BOK Gov. Lee Ju-yeol has said the pace of the economic recovery was faster than expected but more patience is necessary for the monetary policy.

However, Lee sounded a slightly hawkish tone when asked about the possibility of a rate hike this year, saying that such a hike "depends on the pace of recovery."

(END)

(C) Yonhap News Agency. All Rights Reserved

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