Q1 GDP growth rate of 0.3%… Same as preliminary value (comprehensive)

(Seoul = Yonhap Infomax) Reporter Han Jong-hwa = Korea’s real gross domestic product (GDP) growth rate in the first quarter was found to be 0.3%.

According to ‘National Income Q1 2023 (Provisional)’ data released by the Bank of Korea on the 2nd, Korea’s real GDP growth rate compared to the previous quarter was 0.3%, which was the same as the figure preliminary published in April.

However, looking at the details, construction investment (+1.1%p) was revised upwards, and investment in facilities (-1.0%p) was revised downwards.

According to economic activity, the manufacturing industry increased by 1.3% compared to the previous quarter with increases in transportation equipment and primary metal products.

The construction industry increased by 3.0%, led by building construction.

As for the service industry, medical, health and social welfare services increased, but transport decreased, maintaining the same level as the previous quarter.

The year-on-year real GDP growth rate in the first quarter was 0.9%. Year-on-year and year-on-year nominal GDP growth rates were 1.0% and 2.3%, respectively.

Shin Seung-chul, head of BOK’s economic statistics office, explained, “The annual growth rate itself has declined, and unlike the last high growth period, it has entered a low growth trend, and the potential growth rate also decreased significantly. , so the growth rate in the first quarter compared to the previous year was in the 0% range.

He said, “I think it will show a somewhat sluggish trend compared to the previous year until the first half of the year,” he said.

Bank of Korea

By item of expenditure, private consumption increased by 0.6% compared to the previous quarter with an increase in services (entertainment, culture, food and accommodation, etc.).

Government consumption increased by 0.4% due to an increase in benefits in social security goods despite a decrease in spending on goods.

Construction investment increased by 1.3%, mainly in building construction, while investment in facilities fell by 5.0% due to a reduction in machinery.

Exports grew by 4.5%, led by automobiles and other transport equipment, and imports increased by 4.2%, with an increase in chemical products.

Bank of Korea

Real gross national income (GNI) increased by 1.9% compared to the previous quarter. Real GNI was higher than real GDP growth rate (0.3%) thanks to an increase in real foreign net factor income (8.1 trillion won → 14.9 trillion won).

Nominal GNI increased by 2.7% compared to the previous quarter. Nominal net foreign factor income (won 9.8 trillion → won 19.3 trillion) increased significantly, exceeding the nominal GDP growth rate (1.0%).

The GDP deflator rose 1.4% year on year.

In the first quarter, the gross savings rate (33.4%) increased by 0.7 percentage points compared to the previous quarter as the growth rate of gross national disposable income (2.6%) was higher than the growth rate of final consumption expenditure (1.5% ).

The gross domestic investment rate (32.1%) decreased by 1.5 percentage points compared to the previous quarter due to a reduction in investment in facilities.

This article was served at 09:47 on the Infomax financial information terminal.

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