Seasonally adjusted real gross domestic product grew faster than expected as exports and fiscal spending by the government pushed the pace of growth closer to pre-pandemic levels, according to the nation's central bank.
Asia's fourth-largest economy had grown 1.3 percent in the October-December 2019 period just before the coronavirus pandemic. Between January and March this year, exports grew 1.9 percent, with private consumption rising 1.1 percent and investment in facilities expanding 6.6 percent. Government consumption rose 1.7 percent.According to the Economy and Finance Ministry, the economy could grow faster than the 3.2 percent projected originally for this year if the trend continues.
The International Monetary Fund recently raised its outlook for South Korea's annual economic growth to 3.6 percent.
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