May 30, 2024

South Korea Economic Growth Beats Forecast on Exports, Construction Investment

South Korea’s economic growth accelerated more than expected last quarter as exports recovered and construction investment rebounded, brightening prospects for President Yoon Suk Yeol after an election setback that threatens his economic initiatives.

Gross domestic product advanced 1.3% in the three months through March versus the previous quarter, the Bank of Korea said Thursday, an advance that soundly outpaced economists’ consensus for a 0.6% expansion. The economy grew 3.4% year on year, also bigger than the forecast of 2.5%.

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