SOUTH Korea recorded its most significant economic expansion in more than five years during the first quarter, fuelled by a global surge in demand for semiconductors and artificial intelligence technology.
According to a report by The Korea Herald, data from the Bank of Korea released on Thursday indicated that the nation’s gross domestic product grew by 1.7 per cent.
This rate marked the fastest pace of growth since the third quarter of 2020, when the economy rebounded following the easing of pandemic restrictions. On a year-on-year basis, the economy expanded by 3.6 percent.
The report noted that in February, the Bank of Korea projected a growth rate of 0.9 per cent. The actual results nearly doubled that forecast, highlighting a sharp recovery.
Exports acted as the primary engine for this growth, rising 5.1 per cent on the back of high demand for IT products and memory chips. Facility investment also saw a significant boost, climbing 4.8 per cent as companies invested heavily in semiconductor manufacturing equipment.” — ANI
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