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South Korea’s Recovery Eased Last Quarter Amid Omicron Wave

  • Gross domestic product expanded 0.7% from prior three months
  • Policy makers aiming to support growth while curbing inflation
Morning commuters on a subway in Seoul, earlier in April.

Morning commuters on a subway in Seoul, earlier in April.

Photographer: Woohae Cho/Bloomberg
Updated on

South Korea’s economy decelerated to a more measured pace last quarter following an omicron outbreak and a jump in commodity prices, while remaining on track for a further tightening of monetary policy.

Gross domestic product advanced 0.7% from the final three months of 2021, when it expanded 1.2%, central bank data showed Tuesday. That slightly exceeded economists’ estimates, as did the economy’s 3.1% annual gain.