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South Korea's Q1 GDP up 1.7% from previous quarter, ticks up from earlier estimate

South Korea's Q1 GDP up 1.7% from previous quarter, ticks up from earlier estimate

A truck drives between shipping containers at a container terminal at Incheon port in Incheon, South Korea, on May 26, 2016. (Photo: REUTERS/Kim Hong-Ji)

SEOUL: South Korea's economy expanded by a seasonally adjusted 1.7per cent in the first quarter, revised central bank data showed on Wednesday, a notch above the 1.6 per cent growth estimated in late April.

Towing the growth were private consumption and facilities investment that grew 1.per cent and 6.1per cent quarter-on-quarter, respectively. First-quarter growth for facilities investment was the sharpest in nine years.

Construction investment was sharply revised up to 1.3 per cent growth, from a 0.4 per cent gain estimated earlier, while exports jumped 2.0 per cent, better than a 1.9 per cent rise reported earlier.

From a year earlier, the economy grew a revised 1.9 per cent during the period, better than the 1.8 per cent expansion seen previously.

Source: Reuters

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