(MENAFN- Qatar News Agency) Oul june 05 (qna) - the south korean economy grew 0.9% in the first quarter from three months earlier on brisk shipments of tech and petrochemical products central bank data showed thursday.
korea's gross domestic product (gdp) unchanged from an earlier estimate released in april matched the 0.9% on-quarter gain in the fourth quarter according to the data by the bank of korea.
from a year earlier asia's fourth-largest economy grew 3.9% in the first three months of the year picking up from a 3.7% growth in the fourth quarter.
the data comes after the central bank raised its economic growth forecast for the year to 4% in april from an earlier 3.8%. it also raised its 2015 growth outlook to 4.2% from 4%.
the bank of korea had cited calculation methodology for the revisions adding that the country's recovery pace remains intact.
facility investment fell 1.9% marking the first on-quarter contraction since the fourth quarter of 2012 due to slowing investment on machinery.
construction investment jumped 5.1% last quarter turning around from a 5.2% on-quarter fall in the fourth quarter as property construction picked up according to the data.
exports which account for about 50% of the economy expanded 1.5% in the first quarter after rising 1.4% three months ago.
private spending inched up 0.2% on-quarter slowing from a 0.6% growth in the previous quarter.
meanwhile the data showed that korea's gross national income (gni) rose 0.5% on-quarter in the cited period slowing from a 1% growth in the fourth quarter.
the first-quarter figure marks the lowest level since the january-march period in 2013 when the country's gni growth also logged 0.5%.
korea's gross savings rate came in at 35.1% growing 0.7% from the previous quarter according to the data. (qna)
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