South Korea’s economic growth accelerated more than expected last quarter as exports recovered and construction investment rebounded, brightening prospects for President Yoon Suk-yeol after an election setback that threatens his economic initiatives.
Gross domestic product advanced 1.3% in the three months through March versus the previous quarter, the Bank of Korea said Thursday, an advance that soundly outpaced economists’ consensus for a 0.6% expansion.
The economy grew 3.4% year on year, also bigger than the forecast of 2.5%.