South Korea39;s Q1 GDP 0.3 vs Reuters poll 0.2
Private consumption grows while investment slumps
Rate hike cycle widely seen over amid cloudy outlook

SEOUL, April 25 Reuters South Korea39;s heavily tradereliant economy barely averted a recession posting slim growth in the first quarter, but the outlook remained clouded by weak exports due to a cooling global economy, even with China39;s reopening.

South Korea39;s gross domestic product GDP in the first quarter expanded by 0.3 over the previous threemonth period, official advance estimates showed on Tuesday, compared with a median 0.2 rise tipped in a Reuters survey.

Still, economists saw it as little more than a technical rebound after a 0.4 contraction during the final quarter of 2022, which was the first decline in 212 years, and reinforced their view that the central bank39;s tightening cycle is over.

I don39;t see any sign of strength from the detailed figures about the future path of the economy, said Oh Suktae, economist at Societe Generale Securities in Seoul, adding he retains his forecast for 0.8 growth for the whole year.

The biggest contributor to GDP during the first quarter was private consumption, posting growth of 0.5, while capital investment dented economic growth, dropping 4.0. Exports rose 3.8, while imports grew 3.5.

There is high uncertainty both externally and internally, but a recovery in the IT sector and the Chinese economy is likely to stoke a rebound in the second half of the year, a…