(MENAFN- Kuwait News Agency (KUNA)) TOKYO, April 26 (KUNA) -- South Korea's economy grew at 0.7 percent on quarter in the January-March period, as consumption and corporate investment remained sluggish, Yonhap News Agency reported Tuesday, citing central bank data.
The country's gross domestic product (GDP) in the first quarter of 2022 was slower than a 1.2 percent rise tallied in the fourth quarter of last year, the data from the Bank of Korea showed.
From a year earlier, Asia's fourth-largest economy expanded 3.1 percent.
The on-quarter growth decelerated as consumer spending and corporate investment remained sluggish the fast spread of the omicron variant of COVID-19 and heightened uncertainty over the Russian invasion of Ukraine, the report said.
Consumer spending shrank 0.5 percent on quarter as people cut down on spending on entertainment, transportation, restaurants and lodging. Investment in construction also declined 2.4 percent, and facility investment contracted four percent over the same period.
Last year, South Korea's economy grew four percent, the highest growth rate in 11 years, as consumption and exports bounced back from the pandemic-caused slump. (end)
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