South Korean Economy Grows only 0.5% in Q1

The South Korean economy grew only 0.5% in the first quarter of this year.

    The Bank of Korea (BOK) said Thursday that the nation's gross domestic production (GDP) stood at 372.4 trillion won, or around 312 billion US dollars, from January to March this year, according to (KBS World) website. The figure is up 0.1% from the previous estimate announced in April due in part to increased government spending and investment in construction.

    But the first quarter growth is the lowest since the second quarter of last year when it was jolted by the spread of Middle East Respiratory Syndrome (MERS). The economic growth rate has been hovering below 1% for seven quarters with the exception of the 1.2% growth seen in the third quarter in 2015.