SKorea Posts Fastest Growth In Nearly 3 Years

By: Associated Press Email
By: Associated Press Email

SEOUL, South Korea (AP) - South Korea's central bank says Asia's fourth-largest economy has recorded its fastest quarterly growth since the first quarter of 2011.

The Bank of Korea said Thursday that the economy expanded 3.9 percent in the final quarter of 2013 over a year earlier thanks to increased capital expenditure. From the previous quarter, the country's gross domestic product added 0.9 percent.

For all of 2013, the economy expanded 2.8 percent, matching the bank's forecast. Capital expenditure declined for a second straight year but investment in the construction industry turned sharply higher and private consumption showed a steady gain.

South Korea is on track to recover from 2012 when its growth slowed to a three-year low. In 2013, the government introduced stimulus packages to boost a recovery and the real estate market.

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