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SOUTH KOREAN ECONOMY GROWS 0.8 PCT IN Q1.
SEOUL, June 2 Asia Pulse - The South Korean economy expanded a revised 0.8 per cent in the first quarter from three months earlier, the slowest quarterly growth since the fourth quarter of 2006, as facility investment dipped amid slowing domestic demand, the central bank said Monday.
The growth of the country's gross domestic product (GDP) in the January-March period slightly rose from an earlier 0.7 per cent estimate, but decelerated from a 1.6 per cent gain in the fourth quarter, according to a report by the Bank of Korea (BOK).
Compared with a year earlier, the first-quarter GDP grew 5.8 per cent, more than an advance estimate of a 5.7 per cent gain.
GDP, the broadest measure of an economy's performance, is the total value of goods and services produced within the economy in a given period.
"The local economy is slowing amid sluggish domestic demand although exports are brisk. I think weak domestic demand will continue through the third quarter of this year, and higher inflation will continue," said Lee Sung-kwon, an economist at Goodmorning Shinhan Securities Co.
Lee said the BOK is likely to keep its key interest rate at 5 per cent in June on concerns over inflation, adding that the economy would post a modest gain in the fourth quarter on the back of robust exports amid eased inflationary pressure.
Exports of goods, which account for about 40 per cent of the country's GDP, fell 1.8 per cent on-quarter in the first three months of this year, compared with an estimate of a 1.1 per cent decline, on sluggish shipments of petrochemical goods and machinery.
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