Korea's economy grew at the fastest pace in two years, over twice the market estimate of 0.6 percent, as exports expanded and construction investment rose.
Korea’s two-year-high, stronger-than-expected growth in the first quarter is a “textbook return to the growth path” for the country’s economy, said the Ministry of Economy and Finance on Thursday.
Korea’s economy grew 1.3 percent in the first quarter, the fastest pace in more than two years as private spending and construction investment recovered on export recovery.
The IMF predicts that Korea's general government gross debt will reach 60 percent of its GDP by 2029. Global public debt is projected to approach 100 percent of GDP by the end of the decade.
The country's gross national income reached $33,745 in 2023, according to data from the Bank of Korea, after falling behind Taiwan's in 2022.
Korea’s per capita gross national income (GNI) reached $33,745 last year, up 2.6 percent from a year earlier as the economy started to pick up and the won stabilized against the greenback.
Korea’s economy grew 1.4 percent last year, the lowest in three years, due to sluggish exports and weak domestic demand amid monetary tightening.
North Korea’s economy shrank for the third consecutive year while the country’s population reached 25.7 million, around half of South Korea’s 51.67 million, according to Statistics Korea’s report on Wednesday.
Korea's gross regional domestic product (GRDP) experienced a 3.9 percent year-on-year increase in 2022, primarily driven by growth in the manufacturing sector.
Korea's economy grew 0.6 percent in this year's third quarter, matching an earlier estimate from the Bank of Korea (BOK) on reviving exports and domestic demand.
Korea JoongAng Daily Sitemap