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S. Korean economy grows 1.6% q/q in Q1; recovering back to pre-pandemic level Updated: 2021-04-27 14:06:25 KST

The Bank of Korea said on Friday 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 consumption to exports and investment.

"Taking a look at the contribution from consumption, both private and government spending increased from minus point-eight percentage points to zero.eight percentage points.

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.
Facility investment rose 6.6 percent based on increases in machinery and transportation equipment.
Considering the current recovery trend, the central bank expects the growth to be bigger in 2021 than the previously forecast 3.2 percentpossibly up to growth around the mid-three percent level.
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 nationwide sales event.
More detailed economic plans for the second half of the year are expected to come in June.
Kim Sung-min, Arirang News.
KOGL : Korea Open Government License
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