S. Korea`s Q1 economic growth highest in OECD

SEOUL, May 27 (Yonhap) -- South Korea's economic growth in the first quarter was
the highest among the 29-member nations of the Organization for Economic
Cooperation and Development (OECD), the Finance Ministry said Wednesday.
The country's economy grew 0.1 percent on-quarter in the first quarter of the
year, the only OECD member country to post positive economic growth, according to
the ministry.
The economy, Asia's fourth-largest, suffered a 5.1-percent on-quarter drop in its
economic growth during the last quarter of last year, hit by a slump in exports
and weak domestic demand.
But the economy managed to post positive growth in the first three months of the
year, helped by increased fiscal spending.
According to the ministry, OECD member countries saw their economies shrink 2.1
percent on average on-quarter in the first quarter as the financial crisis that
erupted in the U.S. in October reduced global trade.
Among the OECD members, Norway posted a 0.4-percent on-quarter drop in its
economic growth in the first quarter, followed by Greece and France each with
minus 1.2-percent. Portugal contracted 1.5-percent.
South Korea's economy is feared to lapse into a recession for the first time in
more than a decade. The government predicts a contraction of 2 percent this year,
followed by 4 percent growth next year.
sam@yna.co.kr
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