South Korea GDP grows 1.3% in first quarter, beating estimates

Asia's fourth-largest economy picks up pace on construction and spending increases

20240422 Market in Seoul, South Korea

Shoppers select wares at a market in Seoul on January 4.   © Reuters

STEVEN BOROWIEC, Nikkei staff writer

SEOUL -- South Korea's GDP growth accelerated in the first quarter of this year, boosted by increased construction activity and higher private spending, the Bank of Korea announced on Thursday.

The central bank announced in an advance estimate that gross domestic product in Asia's fourth-largest economy grew 1.3% during the January-to-March period compared with the previous quarter.

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