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South Korean GDP growth hits expectations

South Koreas GDP grew at the expected 0.1% in the first quarter compared with the previous quarter, according to the Bank of Korea.

The growth matches the estimate made by the central bank on April 24. Todays estimates however are based on more complete source data from the industrial production index and the service industry activity index.

On the production side, South Koreas manufacturing sector fell by 3.4%. Meanwhile, the construction sector recorded a growth rate of 5.9%, which the central bank says was attributable to an increase in civil engineering.

In terms of expenditure, construction investment increased 5.2% and private consumption rose 0.4%. Facilities investment meanwhile fell 11.2% owing to a contraction in machinery and transport equipment.

Exports of goods fell 3.4% while imports decreased 6.2%.

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