South Korea first quarter GDP surge will bounce steeply from fourth quarter on exports

South Korea first quarter GDP surge will bounce steeply from fourth quarter on exports

For the first three months of 2017 South Korea's economic surge will probably accelerate at a sharper pace than the previous quarter because exports as well as capital investment tracked a revival in the global economy.

The local economy is supposed to have expanded by 0.7% over January-March from the previous quarter, according to a Reuters survey.  On a yearly basis, experts forecast a median 2.6% leap.  

While a diplomatic spat with China, North Korean provocations as well as ongoing corporate restructuring offer downside risks to the South Korean economy, a new president, to be elected on May 9, will probably boost government spending that should be supportive of surge this year.

Frontrunner democratic nominee Moon Jae-in has already pledged an extra budget of over 10 trillion won to back jobs as well as domestic consumption.

In the fourth quarter of the previous year, the country’s economy inched up 0.5% in seasonally adjusted terms, while on-year it added 2.4%. 

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