S. Korea Q1 growth revised down to 0.8%

SEOUL, South Korea – The South Korean economy grew at its fastest pace for a year in the first quarter of this year, but marginally slower than originally estimated, the central Bank of Korea said Friday, June 7

Asia’s fourth-largest economy expanded a revised 0.8 % quarter-on-quarter in the January-March period, slightly down on the bank’s April estimate of 0.9%.

It was still a marked improvement from the 0.3% growth recorded in the 4th quarter of 2012.

Year-on-year, the economy grew 1.5% in the first quarter, matching the central bank’s April forecast and unchanged from the previous quarter.

South Korean exports, which account for more than half of gross domestic product, grew at the fastest rate in four months in May, signaling the economy is picking up despite a sharply depreciating yen.

And industrial output rose 1.7% in April, snapping three months of consecutive contraction.

But analysts say the overall economy is facing fresh headwinds with the Chinese economy slowing and exporters yet to feel the longer-term effects of the weakening yen. – Rappler.com