RoK’s economy expected to expand 2.8 percent in 2018
The economy of the Republic of Korea is expected to grow 2.8 percent this year, as exports are likely to lose steam amid weaker private consumption, according to a private research institute.
A port in Busan, the Republic of Korea (Photo: EPA/VNA)
Seoul (VNA) – The economy of the Republic of Korea is expected to grow2.8 percent this year, as exports are likely to lose steam amid weaker privateconsumption, according to a private research institute.
The forecast by the LG Economic Research Institute (LGERI) is lower than the 3percent projection set in January by the Bank of Korea, Yonhap news agencyreported.
Helped by the government's stimulus spending, the nation's economy expanded 1.1percent on a quarterly basis in the first quarter of this year. It marked arebound from a 0.2 percent contraction a quarter earlier.
The economy is unlikely to grow more than 1 percent from the second quarter ofthis year, as the semiconductor boom, which has driven up the RoK's exports, iscoming to an end, Yonhap quoted the LGERI as saying.
Data showed the nation's exports fell in April, marking the first decline in 18months.
Outbound shipments reached 50.06 billion USD last month, down from 50.84billion USD a year ago, according to the data compiled by the RoK Ministry ofTrade, Industry and Energy. Imports surged 14.5 percent on-year to 43.45billion USD.- VNA
Consumer prices of the Republic of Korea increased more than 1 percent in March on a rise in prices of agricultural goods and services, according to government data.
The Asian Development Bank (ADB) has predicted the Republic of Korea’s economy will grow 3 percent this year, following last year's 3.1 percent growth.
The RoK ranked fifth in per capita energy consumption among member states of the Organisation for Economic Cooperation and Development (OECD) in 2016, the RoK's news agency Yonhap reported.
Parts exports of the RoK grew at a solid pace in the first quarter of this year on the back of strong demand for electronics parts and petrochemical products, according to Yonhap news agency.
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A port in Busan, the Republic of Korea (Photo: EPA/VNA) 
