Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP NEWS AGENCY) = As real gross domestic product(GDP) grew by 1.3% in the first quarter of this year compared to the previous quarter, the Bank of Korea raised this year’s economic growth rate from 2.1% to 2.5%.

On the 23rd, the Bank of Korea’s Monetary Policy Committee issued a revised economic outlook while freezing the base interest rate at 3.5% for 11 consecutive months. Due to the surprise growth in the first quarter of this year, the Bank of Korea raised its economic growth forecast to 2.5%. Next year’s growth rate is expected to be 2.1%. Last February, the Bank of Korea predicted the economic growth rate to be 2.1% this year and 2.3% next year.

The consumer price inflation rate is expected to be 2.6% this year and 2.1% next year.

By Soon-ki Lee(s8789@nspna.com) and Soo-in Kang(sink606@nspna.com)

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