Korea’s economy grew 1.3 percent in the first quarter, the fastest pace in more than two years, as private spending and construction investment recovered on export growth.   The country's real GDP increased 1.3 percent on quarter in the January-March period, according to advance estimates from the Bank of Korea (BOK). This surpassed market estimates of between 0.5 percent and 0.6 percent growth.   The first-quarter expansion compares with the 0.6 percent on-quarter growth recorded in the September-December period and marks the highest growth rate since the fourth quarter of 2021 when the economy expanded by 1.4 percent. On a yearly basis, Korea's economy advanced 3.4 percent in the first quarter, an increase from the 2.2 percent growth recorded for the last quarter of 2023.     Private spending saw a 0.8 percent increase in the January-March period, compared with a 0.2 percent advance in the previous quarter.   The country's exports climbed 0.9 percent in the first quarter, a slowdown from the previous quarter's 3.5 percent gain, while imports declined by 0.7 percent compared to a 1.4 percent increase in the previous quarter.     Government spending increased by 0.7 percent, and construction investment rose by 2.7 percent in the first quarter, a turnaround from the previous quarter's 4.5 percent decline, according to the data.     Korea's economic growth slowed to the lowest level in three years last year due to a slump in exports amid tightening monetary policies globally.   The economy expanded by 1.4 percent last year, decelerating from a 2.6 percent growth in 2022 and a 4.3 percent growth in 2021.   The 2023 expansion marks the lowest growth rate since the 0.7 percent contraction in 2020 during the coronavirus pandemic.   For the year, the bank expects the economy to rebound slightly, at around 2 percent.  \   (ICE SEOUL)

Fonte notizia: KOREA JOONGANG DAILY