South Korea revised Q1 GDP worse than estimated earlier

[SEOUL] South Korea's economy shrunk by a seasonally adjusted 0.4 per cent in the January-March period from the previous quarter, revised central bank data showed on Tuesday, a notch below a 0.3 per cent decline estimated earlier.

The Bank of Korea said construction investment and exports turned out to have fared worse than estimated in late April, while government spending growth was revised slightly up from the estimate.

From a year earlier, Asia's fourth-largest economy grew a revised 1.7 per cent during the first quarter, slower than a 1.8 per cent rise estimated earlier.

REUTERS