Q1 gross national income the highest in nearly six years

Economy

Q1 gross national income the highest in nearly six years

Korea’s real gross national income (GNI) jumped 4.2 percent in the first quarter from the previous quarter, the strongest growth in five years and nine months, according to the Bank of Korea said. The GNI jump is attributed to “improvement in trade conditions,” which refers to the plunge in global oil prices and an increase in Koreans’ income earned in overseas, the report said. The growth in GNI is the best since 2009, the BOK said, raising possibilities for boosting Korea’s sagging domestic market. Despite the growth in income, however, gross domestic product climbed only 0.8 percent in the first quarter, the report said. Private consumption rose 0.6 percent quarter-on-quarter, and investment on facilities inched up 0.2 percent. In the midst of weak foreign currencies against the Korean won, exports also grew only 0.1 percent, driven by semiconductor sand chemical products. Imports expanded 0.6 percent.