South Korea's central bank has released its data on the nation's first quarter GDP growth.
Figures show the economy rebounded after contracting in the fourth quarter of 2017.
Kim Hyesung has the details.
South Korea's economy rallied last quarter, boosted by strong exports, investment, and government spending.
According to the Bank of Korea Thursday, the country's GDP for the January-to-March period rose by one-point-one percent on quarter, marking a rebound after contracting zero-point-two percent in the fourth quarter.
On a yearly basis, GDP expanded two-point-eight percent in the first quarter, on par with a two-point-eight percent rise in the fourth quarter.
Strong exports, led by memory chips and chemical products, helped boost economic growth, gaining four-point-four percent in the first three months of this year from the previous quarter.
Both infrastructure and construction investment went up on-quarter.
Government spending increased two-and-a-half percent, posting the fastest quarterly gain in six years, thanks to higher health care spending.
But private consumption, which accounts for about half of the nation's GDP, gained a mere zero-point-six percent, marking its slowest growth in a year.
On the production side, manufacturing rose nearly two percent, construction expanded by more than three percent, but services fell short of one percent from a quarter earlier, due to declines in food and lodging output.
The central bank said if the economy continues to grow at this pace, GDP growth is expected to hit its three percent target for 2018.
Kim Hyesung, Arirang News.