Photo : YONHAP News
South Korea recorded the second‑highest economic growth rate among members of the Organization for Economic Cooperation and Development (OECD) in the first quarter, driven by a boom in the semiconductor industry.
According to the OECD on Sunday, South Korea’s real gross domestic product grew one-point-seven percent in the January-March period, ranking second among 35 member countries for which data had been released as of Saturday. Denmark topped the list at one-point-nine percent.
Estonia ranked third with one-point-one percent growth, followed by Finland at zero-point-nine percent. The OECD average stood at zero-point-four percent.
Major economies posted lower growth rates, including the United States at zero-point-four percent, Japan at zero-point-five percent, Germany at zero-point-three percent and France at minus zero-point-one percent.
South Korea’s ranking marks a sharp turnaround from the fourth quarter of last year, when the economy contracted zero-point-two percent and placed 34th among OECD members.
Amid the stronger‑than‑expected performance, the government is preparing to raise its economic growth forecast for this year from the current two percent, reflecting continued strength in the chip industry and broader improvements in economic conditions.