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S. Korea economy grows revised 1 percent in Q1: BOK

All Headlines 08:00 June 01, 2018

SEOUL, June 1 (Yonhap) -- South Korea's economy grew at a slower-than-expected pace in the first quarter from three months earlier on sluggish construction and facilities investment, central bank data showed Friday.

The country's gross domestic product (GDP) expanded 1 percent in the January-March period, rebounding from a 0.2 percent on-quarter contraction three month earlier, according to preliminary data from the Bank of Korea (BOK).

The latest reading marks a slight decrease from an earlier estimate of a 1.1 percent expansion released in April.

The BOK explained that investment in construction and facilities rose 1 percentage point and 1.8 percentage points lower than the April estimate, respectively.

From a year earlier, the local economy grew 2.8 percent in the first quarter, compared with a 3.8 percent on-year expansion in the previous quarter.

Shipping containers await transport at a port in South Korea in this undated file photo. (Yonhap)

brk@yna.co.kr
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