South Korean Economy Expands at a Fastest Pace

In the first quarter of 2014, South Korea’s GDP accelerated for the fourth straight quarter to an annual 3.9 percent growth rate, driven by exports.

Advanced estimates showed private consumption grew 3.6 percent, while government spending slowed to an annual 2.7 percent growth rate.

Gross fixed capital formation and imports also expanded at a slower pace (6.2 percent and 3.8 percent, respectively).

In contrast, exports surged 4.6 percent on the year, up from 3.2 percent in the previous quarter.

On a quarter-on-quarter basis, the economy advanced 0.9 percent in the first three months of 2014, the same rate recorded in the previous period.

South Korean Economy Expands at a Fastest Pace

The Bank of Korea | Joana Taborda |
4/24/2014 12:25:40 AM