SEOUL: South Korea's economy grew by 0.9 percent for the second consecutive quarter as exports remained solid but domestic spending stalled, state data showed Thursday.
Asia's fourth-largest economy recorded a seasonally-adjusted, on-quarter expansion of 0.9 percent during the January-March period, the central Bank of Korea said.
The rate was the same as the growth figure for the fourth quarter of 2013, but lower than the market forecast of 1.0 percent.
On year, it expanded by 3.9 percent -- the highest since the first quarter of 2011 and accelerating from the previous quarter's 3.7 percent gain.
Exports, which account for about half of the country's economy, expanded 1.7 percent on quarter on strong shipments of electronics.
But growth in domestic spending slowed to 0.3 percent, down from 0.6 percent in the fourth quarter of last year.
Investment on corporate infrastructure also fell 1.3 percent, shrinking for the first time since the fourth quarter of 2012.
The central bank said the economy would likely continue to accelerate through this year, forecasting growth of 4.0 percent for 2014 and 4.2 percent in 2015.
The country's export-reliant economy was hit badly by slow demand in the wake of the global recession, with the growth rate plunging to 0.7 percent in 2009 compared to 2.8 percent in 2008.
But it has picked up in recent years, expanding 2.3 percent in 2012 and 3.0 percent in 2013.
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