top of page

South Korea surges 1.3% in Q1, fastest in two years



South Korea’s economy grew 1.3% in the first quarter of 2024, the fastest pace in over two years, driven by a robust recovery in exports and strong private spending, according to the Bank of Korea. This growth marks a significant increase from the 0.5% expansion in the previous quarter and is the highest since a 1.6% growth in late 2021. Yearly growth also accelerated, with the economy expanding 3.3% compared to the last quarter of 2023’s 2.1% growth. Contributing factors included a 1.8% increase in exports and a 3.3% rise in construction investment. Despite this growth, officials anticipate a potential slowdown in the second quarter but expect a recovery starting in the third quarter.

Comments


bottom of page