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South Korea’s economy accelerates in Q1

by ChemOrbis Editorial Team -
  • 04/06/2015 (14:00)
According to data released by South Korea’s central bank, the Bank of Korea (BOK), the country’s gross domestic product (GDP) grew 0.8% in the first quarter after expanding 0.3% in the last quarter of 2014. The acceleration in economic growth was attributed to higher investment in the construction sector. However, on a yearly basis, South Korea’s economic growth slowed to 2.5% compared with the growth rate of 2.7% posted in the previous quarter.

According to data, investment in the construction sector rose 7.4% in the first three months following a decrease of 7.8% in the last quarter of the previous year.

Meanwhile, the Organization for Economic Cooperation and Development (OECD) cut their economic growth forecast for South Korea to 3% this year from 3.8% due to increasing household debt, a subdued rise in private consumption, lower exports and the appreciation of the won against the Japanese yen.
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