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GDP Beats Estimates


South Korea reported preliminary Q1 GDP above estimates. Q/Q printing 1.6% vs estimates of 1.1%, Y/Y growth at 1.8% vs estimates of 1.2%. Exports, consumption and investment all helped lift the figure.

  • As mentioned previously BoK Governor Lee said in April that annual growth was likely to be above the 3% forecast in February, while median private sector estimates are for 3.5%. Risks to the outlook are posed by a potential fourth wave of coronavirus and tighter restrictions.

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