Korea's national income grows 2.4%, GDP 1.3% in Q1

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Korea's national income grows 2.4%, GDP 1.3% in Q1

Published: 05 Jun. 2024, 09:33 Updated: 05 Jun. 2024, 10:10

SHIN HA-NEE
shin.hanee@joongang.co.kr

Container ships are docked at a port in the southeastern city of Busan on April 1. [NEWS1]

Korea’s gross national income (GNI) grew 2.4 percent in the first quarter, the biggest jump in eight years, outpacing the economic growth of 1.3 percent.

According to preliminary data released by the Bank of Korea on Wednesday, the country’s real GNI increased by 2.4 percent in the January-March period compared to the previous quarter.

The quarterly growth rate marked the steepest since 2.8 percent in the first quarter of 2016.

The real GDP gained 1.3 percent, consistent with the preliminary figure previously announced in the central bank’s advance estimate in April, the steepest growth since the 1.4 percent logged in the fourth quarter of 2021.

The nominal GNI rose 3.4 percent, while the nominal GDP increased 3 percent.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]