The nation's gross domestic product (GDP) grew 0.8 percent in the January-March period from the previous quarter on increased construction investment and the base effect caused by a low on-quarter gain three months earlier, the Bank of Korea (BOK) said Thursday.
The GDP growth has remained below the 1 percent level since a 1.1 percent gain in the first quarter last year - a 0.5 percent growth in the second quarter, a 0.8 percent expansion in the third quarter and a 0.3 percent growth in the fourth quarter.
The country's economy expanded 2.4 percent in the first quarter from the same period the year before, the slowest since a 2.1 percent growth recorded two years ago, the central bank said in a press release.
According to the press release:
- Real gross domestic income (GDI) increased by 3.6 percent in the first quarter of 2015 compared to the previous quarter.
- On the expenditure side, private consumption grew by 0.6 percent as expenditures on durables and services increased.
- Construction investment expanded by 7.5 percent, centering around residential building construction.
- Facilities investment remained at the same level as in the previous quarter, as transport equipment investment expanded while machinery investment declined.
- Intellectual property products investment rose by 2.6 percent, centering around R&D investment.
- The rate of growth in exports remained at 0 percent, as exports of services increased while exports of goods such as LCDs and automobiles declined. Imports expanded by 0.5 percent, mainly on increases in overseas consumption by residents and in transport services.
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