The Bank of Korea reported on June 9 that real GDP rose 1.8 percent in the first quarter from the previous quarter. This marks the fastest quarterly growth in more than five years.
The Bank of Korea said the first-quarter GDP figure was revised up 0.1 percentage point from an earlier estimate. On a yearly basis, the economy expanded 3.8 percent, the highest since the fourth quarter of 2021. Exports rose 5.9 percent from the prior quarter on strong global demand for semiconductors, machinery and automobiles. Facility investment grew 6.6 percent, the strongest pace in four years. Private consumption increased 0.6 percent while government spending fell 0.4 percent. The central bank raised its 2026 growth forecast to 2.6 percent and holds its next rate-setting meeting in July.
