South Korea's first-quarter year-on-year GDP growth was revised up to 1.9% from the previous estimate of a 1.8% expansion amid stronger exports, the country's central bank said on Wednesday. Exports rose by 5.1% year on year in the first quarter, up from the previous projection of a 4.5% expansion, the Bank of Korea (BOK) said in a statement. Imports were up by 4.1% year on year in the first quarter, up from the 3.1% growth estimate made previously, it said.
Manufacturing expanded by 4.1% year on year in the first quarter, while construction contracted by 3.2%. On a quarter-on-quarter basis, South Korea's GDP rose by 1.7% in the first three months of this year, revised higher from the previous projection of a 1.6% growth. "Exports increased by 2.0% [quarter on quarter], as exports of goods such as motor vehicles and mobile phones expanded," the BOK said.