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Gross domestic product grew 0.7% from the previous quarter, down from the 1.6% expansion seen at the end of 2007. Falling exports were largely to blame for the quarterly slowdown along with weak consumer spending. President Lee Myung-bak took office in February promising to boost annual growth to 7% - it grew 5% in 2007. The investment bank Goldman Sachs said it was keeping its growth forecast for the full year at 4.8% despite the weak quarterly figures. It predicted the government's programme of tax-cuts and deregulation would boost growth while the weak currency would help exporters. Inflation figures were also released on Friday, with consumer prices rising 3.9% in the year to the end of March. That figure is above the government's target of between 2.5% and 3.5% for the fourth month running.

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South Korea's finance ministry said on Monday it was maintaining its 2008 economic growth target of around 6 percent, due to deregulation and tax cuts, despite a slowing global economy. Economic growth in 2007 was 4.9 percent. Asia's fourth-largest economy is expected to be capable of 7-percent growth and have a stable current account and prices in five years, the Ministry of Strategy and Finance said in a report to the new president, Lee Myung-bak. "The new government will endeavor to achieve a growth target of some 6 percent, continuing efforts for economic recovery and managing risk factors," said the ministry.