The Bank of Korea published its preliminary national accounts for the first quarter of 2026, showing real gross domestic product rose 1.8% quarter on quarter, 0.1 percentage point above the advance estimate. Real gross national income increased 9.2% over the quarter, substantially outpacing GDP as the terms of trade improved and real net factor income from the rest of the world increased. Growth was led on the production side by manufacturing, which rose 3.9% on higher output of computer, electronic and optical products, while construction increased 2.2% and services expanded 0.6%. On the expenditure side, private consumption rose 0.6%, government consumption fell 0.4%, construction investment increased 1.4%, facilities investment jumped 6.6%, exports rose 5.9% on stronger IT shipments including semiconductors, and imports increased 3.9%. Real GDP was up 3.8% from a year earlier. Nominal GDP increased 10.5% over the quarter, nominal GNI rose 11.0%, the GDP deflator increased 12.9% year on year, the gross saving ratio reached 41.7%, and the gross domestic investment ratio stood at 25.3%.
Bank of Korea2026-06-09
Bank of Korea lifts preliminary first quarter 2026 real GDP growth to 1.8 percent and reports real GNI up 9.2 percent
The Bank of Korea’s preliminary national accounts for the first quarter of 2026 show real gross domestic product up 1.8% quarter on quarter, slightly above the advance estimate, and 3.8% year on year. Growth was driven by manufacturing, strong facilities investment and exports, particularly in information technology and semiconductors, while government consumption declined. Real gross national income rose 9.2% on improved terms of trade and higher real net factor income from abroad, with the gross saving ratio at 41.7% and the gross domestic investment ratio at 25.3%.