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Q1 GDP Well Above Expectations, Sentiment Points To Further Export Growth

SOUTH KOREA
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South Korea GDP rose 1.3% q/q in Q1, well above the consensus 0.6% estimate. This was the strongest quarterly growth pace since Q4 2021. Y/Y growth was 3.4%, also well above expectations (2.5% and prior), which is also the firmest pace since end 2021.

  • The main swing came from a sharp rebound in construction activity, up 4.8% q/q, versus a 3.8% decline in Q4 last year. Manufacturing activity was +1.2%, services +0.7% in q/q terms, both similar to prior outcomes.

Fig 1: South Korea Q1 GDP Accelerates

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South Korea GDP rose 1.3% q/q in Q1, well above the consensus 0.6% estimate. This was the strongest quarterly growth pace since Q4 2021. Y/Y growth was 3.4%, also well above expectations (2.5% and prior), which is also the firmest pace since end 2021.

  • The main swing came from a sharp rebound in construction activity, up 4.8% q/q, versus a 3.8% decline in Q4 last year. Manufacturing activity was +1.2%, services +0.7% in q/q terms, both similar to prior outcomes.

Fig 1: South Korea Q1 GDP Accelerates

Keep reading...Show less