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S. Korean economy grows 1.6% in Q1; recovering back to pre-pandemic level Updated: 2021-04-27 07:02:12 KST

Shifting focus, some welcoming figures for the South Korea's economy.
The country in the first three months of 2021 posted outstanding economic growth, recovering back to its pre-pandemic level one quarter earlier than previously expected.
For more, we have our Kim Sung-min on the line.
Sung-min, walk us through the numbers.

Mok-yeon, the Bank of Korea said this morning that South Korea's first quarter GDP growth was up 1.6 percent from the previous quarter.
Beating the market consensus of around 1 percent growth for Q1 this year the country has recovered back to its pre-pandemic level.
And it has managed this one quarter earlier than previously forecast.
The figure also marks the third straight quarter of GDP growth.
In fact, excluding China and India, South Korea's recovery showed the fastest pace out of the world's largest economies, growing faster than the U.S. and Canada.
On-year, first quarter real GDP expanded 1.8 percent.
The growth came from all sectors,from private consumption to exports and investment.
Exports, which account for around half the country's GDP were up 1.9 percent backed by the strong performance of the automobile and mobile industries.
Private consumption edged up 1.1 percent.
Facility investment rose 6.6 percent based on increases in machinery and transportation equipment.

It seems like the country's economy is finally out of the woods. So with the bumper figures, what's the latest forecast for the economy for the rest of the year?

Considering the current recovery trend, the central bank expects the growth to be bigger in 2021 than the previously forecast 3.2 percent.
The improvement in the global economy, largely accelerated by the U.S. recovery, has had a positive impact on the South Korean economy.
Exports during the first 20 days in April , which increased by almost 50 percent, further boost expectations.
To further consolidate this current trend, the government has pledged for strong support including the fast release of the supplementary budget and a nation-wide sales event.
More detailed economic plans for the second half of the year are expected to come in June.
That's all I have for now, but I'll be back with more updates.
Back to you Mok-yeon.

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