Major S. Korean Business Groups Boost Q1 Spending by 22%

South Korea's 59 major business groups increased spending in the first quarter of the year by 22 percent to reach 21.78 trillion won from 17.84 trillion won a year earlier.

The data was based on the expenditures of 373 companies affiliated with the business groups.

The increased spending is seen as a preparation to secure competitiveness after the coronavirus pandemic.

Their combined sales of the 373 companies increased 7.1 percent on-year to reach 356.69 trillion won while operating income dipped 39.1 percent to 14.88 trillion won from the previous year.

Samsung Group spent 7 trillion won in the first quarter, almost double the 3.73 trillion won it spent a year before.

Its flagship, Samsung Electronics Co., pushed up spending from 3.07 trillion won last year to 6.47 trillion won.

In contrast, SK Group's investment fell to 3.87 trillion won from 4.29 trillion won.