South Korea's GDP revised down in Q1

South Korea's real gross domestic product (GDP), adjusted for inflation, was revised down for the first quarter, central bank data showed Wednesday.

The real GDP grew 0.6 percent in the January-March quarter compared to the prior quarter, according to the Bank of Korea (BOK). It was down from the preliminary figure of 0.7 percent expansion unveiled in late April.

Private consumption reduced 0.5 percent in the first quarter from three months earlier, as the COVID-19 resurgence, caused by the spread of the Omicron variant, weakened domestic demand.

Facility investment shrank 3.9 percent, marking the fastest fall in three years, amid the lower investment in machinery and transport equipment sectors.

Investment in the construction sector declined 3.9 percent in the first quarter, but the fiscal spending was unchanged compared to the previous quarter.

Export gained 3.6 percent on global demand recovery, especially for semiconductors and chemical products, while import dwindled 0.6 percent in the cited quarter.