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.
4/24/2014 12:25:40 AM
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.