BENGALURU: South Korea's economy likely grew 0.6 per cent last quarter, maintaining the same pace of expansion as in the previous three months, as improving exports offset weakening household consumption, a Reuters poll of economists found.
A truck carrying a shipping container travels past cranes at Pyeongtaek port in Pyeongtaek, South Korea, on Jul 9, 2020. BENGALURU: South Korea's economy likely grew 0.6 per cent last quarter, maintaining the same pace of expansion as in the previous three months, as improving exports offset weakening household consumption, a Reuters poll of economists found.
Gross domestic product for the January-March period grew 0.6 per cent quarter-on-quarter on a seasonally adjusted basis, according to the median forecast of 21 economists in the Apr 17-22 poll, the same as the previous quarter. Forecasts ranged from 0.3 per cent to 1.1 per cent. "In contrast, manufacturing and exports have remained strong, helped by an increase in global demand for semiconductors. We expect exports to remain buoyant - although global growth is likely to struggle in the near term, a turn in the tech cycle should ensure that export growth holds up well."
Moreover, Asia's fourth-largest economy, one of the most indebted in the world, has experienced subdued growth due to spending being restrained by a cumulative 300 basis points of interest rate hikes by the Bank of Korea since August 2021.
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