#SouthKorean #economy #grew at the fastest pace in more than two years in the first quarter on robust exports, beating all estimates and fuelling #market expectations that the Bank of Korea would delay cutting interest #rates.
Gross domestic product (#GDP) for the January-March quarter was 1.3% higher than the preceding three months on a seasonally adjusted basis, the sharpest expansion since the fourth quarter of 2021, data from the Bank of #Korea (BOK) showed.
That comes after an expansion of 0.6% in the prior quarter and compares with a median forecast of 0.6% in a Reuters survey of economists.
On an #annual basis, #Asia’s fourth-largest economy grew 3.4%, compared with a gain of 2.2% in the fourth quarter of 2023 and an increase of 2.4% expected by economists.
Exports expanded 0.9% from three months earlier, while private consumption climbed 0.8%.
Facility investment fell 0.8% and construction #investment rose 2.7%. #Government spending was 0.7% higher.
Exports of the trade-reliant economy grew for a sixth consecutive month in March, driven by robust demand for South Korean chips.
However, domestic consumer spending has been weak with interest rates having stayed at high levels for a prolonged period, raising concerns about uneven economic recovery.
The BOK said earlier this month greater uncertainty on the inflation outlook and the strength of exports argued against a near term push to cut interest rates, as the central bank left the policy rate steady at a 15-year high.
#centralbank also said at their last rate decision meeting that there was a possibility of the economy growing in 2024 at a faster pace than its earlier projection of 2.1%. In 2023, the economy grew by a three-year low of 1.4%.
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