The economy grew 1.3% in the first quarter from the fourth quarter last year. Shown are foreign buyers and others on April 15 getting export consultations at the pro-export event Boom-up Korea 2024 at COEX Mall in Seoul's Gangnam-gu District. (Yonhap News)

By Lee Kyoung Mi

The Bank of Korea on April 25 said gross domestic product (GDP) rose 1.3% in the first quarter from the previous quarter thanks to robust exports and construction investment.

This was the highest growth in 27 months since 1.4% in the fourth quarter of 2021, meaning the economy grew for five straight quarters since the first quarter of last year.

Leading the first-quarter growth was rising exports and higher investment in construction.

Exports rose 0.9% mainly thanks to IT goods such as mobile phones and private consumption increased 0.8% due to higher spending on goods such as clothing and services like food and accommodations. Investment in construction rose 2.7% powered by higher growth in the construction of buildings and civil projects.

Overseas investment banks have upgraded their growth forecasts for the domestic economy.

The Korea Center for International Finance on April 23 said UBS raised its projection from 2% to 2.3%, Citi Bank from 2% to 2.2% and HSBC from 1.9% to 2%.

km137426@korea.kr