South Korea’s economy grows 0.3% in the first quarter of 2023
South Korea’s gross domestic product, a key indicator of economic growth in the first quarter of this year, rose 0.3 percent from the previous quarter, according to preliminary data from the Bank of Korea.
The first-quarter expansion was followed by a contraction of 0.3%, on a quarterly basis, in the fourth quarter of last year, meaning the economy narrowly avoided recession.
Technically speaking, two consecutive quarters of economic contraction is a recession.
Korea’s economy grew 0.9% year-on-year in the first quarter, compared with a 1.4% year-on-year gain in the fourth quarter.
Economists polled by Reuters had forecast growth of 0.8%
