South Korea’s GDP growth accelerates

Seoul, April 25 (IANS) South Korea’s gross domestic product (GDP) growth accelerated to 0.9 percent in the first quarter from three months earlier on the back of brisk exports that offset a reduction in private consumption, central bank data showed Thursday.

Real GDP, the broadest measure of economic performance, rose 0.9 percent in the first quarter from three months earlier after gaining 0.3 percent in the prior quarter, according to the Bank of Korea (BOK).

The reading was the highest since 1.3 percent tallied in the first quarter of 2011, and surpassed the BOK’s earlier forecast of 0.8 percent, reported Xinhua.

Exports of goods and services increased 3.2 percent in the first quarter from the prior quarter, relieving a 0.3 percent reduction in private consumption.

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