April 26, 2024

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[THE INVESTOR] Korea’s economic growth accelerated last year on the back of robust exports amid a global economic recovery, the Bank of Korea said on Jan. 25.

The nation’s economy expanded 3.1 percent in 2017 from a year ago, when it grew 2.8 percent, the BOK said.

It was the first time since 2014 that the economy grew above the 3 percent level.

For the final quarter of last year, however, the economy contracted 0.2 percent from the previous quarter, mainly due to fewer working days over the long Chuseok holiday week, according to the BOK.

Last year, private consumption showed gradual recovery, construction investment continued its rapid expansion, and facilities investment turned positive and showed a high rate of growth, the BOK said.

“While the growth of services dropped, the growth of manufacturing accelerated and construction maintained a higher level of growth,” the BOK said.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)