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S.Korea Q1 GDP growth revised slightly down to 0.6% -Breaking


© Reuters. FILE PHOTO – A shopkeeper rests while she waits to receive customers in a traditional market, Seoul, South Korea. April 7, 2022. REUTERS/Kim Hong-Ji

SEOUL (Reuters – South Korea’s first quarter GDP grew 0.6% seasonally from 3 months ago, slightly less than the 0.7% estimate earlier. This was according to revised data by the central bank on Wednesday.

According to Bank of Korea data, 3.0% growth in the country’s gross national product was recorded during January-March compared with a previous year. This is slightly less than the 3.1% increase tipped by advanced estimates.

Following an announcement by 1.2%, the central bank made an upward adjustment to the economy’s growth rate for the last quarter of 2021 from 1.2%.

The central bank stated that for the entire 2021 period, Asia’s fourth largest economy experienced a 4.1% increase. This is an improvement on the 4.0% previously reported.