The Bank of Korea (BOJ) reported that gross domestic product (GDP) in the first quarter of 2022 grew 0.6% on a quarterly basis.
Year-on-year, South Korea’s Q1 GDP grew 3.0%.
Private spending fell 0.5% in the first quarter, while investment in construction and utility spending both fell 3.9%.
Exports grew 3.6% in the first quarter and imports fell 0.6%.
The South Korean economy is under severe pressure as the government has taken strict measures to contain the spread of the coronavirus. This is affecting business operations and people’s travel.
However, the government recently lifted almost all restrictions. This raises hopes that the lifting will boost spending and investment in the future.
South Korea’s GDP grew by 4.1% in 2021 as a whole, the fastest growth in 11 years and better than preliminary estimates of 4.0%.