Preliminary data show that Korea’s real gross domestic product grew 1.1% in the first quarter of 2017 compared to three months earlier, driven by an upward shift in construction investment and exports amidst ongoing robust expansion in equipment investment.
More specifically, the nation saw its investments in equipment and construction rise by 4.4% and 6.8% quarter over quarter, respectively. The former was propelled by strong purchases of machinery such as semiconductor equipment, and the latter by larger numbers of new residential and non-residential building
projects across the country.
In addition, Korea’s exports recorded a 2.1% increase on the back of brisk sales of
semiconductors, machines and equipment overseas.
By type of industry, the uptrend in manufacturing and construction continued into the first quarter of 2017, with a growth rate of 2.1% and 5.3% each supported by the factors mentioned above.
Also, a pick-up in farming and fishing contributed to a 5.9% first-quarter expansion in the agricultural, forestry and fishery industries, a positive shift from the 1.8% contraction seen three months earlier.
Meanwhile, the nation’s GNI (gross national income) was up 2.7% from the previous quarter.