Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- Ask the CIO
- Building the Hybrid Cloud
- Connected Government: How to Build and Procure Network Services for the Future
- Continuing Diagnostics and Mitigation: Discussion of Progress and Next Steps
- Federal Executive Forum
- Federal Tech Talk
- The Intersection: Where Technology Meets Transformation
- Maximizing ROI Through Data Center Consolidation
- Moving to the Cloud. What's the best approach for me
- Navigating Tough Choices in Government Cloud Computing
- The New Generation of Database
- Satellite Communications: Acquiring SATCOM in Tight Times
- Targeting Advanced Threats: Proven Methods from Detection through Remediation
- Transformative Technology: Desktop Virtualization in Government
- The Truth About IT Opex and Software Defined Networking
- Value of Health IT
Shows & Panels
SKorea's economic growth hits 2-year high in 1Q
Wednesday - 4/24/2013, 8:05pm EDT
AP Business Writer
SEOUL, South Korea (AP) - South Korea's economy expanded at the fastest level in two years in the first quarter as capital expenditure and exports turned higher, the central bank said Thursday.
South Korea's economy grew 0.9 percent in the January-March period from three months prior, accelerating from 0.3 percent growth in the fourth quarter, according to Bank of Korea's preliminary reading.
Over a year earlier, Asia's fourth-largest economy expanded 1.5 percent, the same level as the previous quarter.
The bank said capital expenditure increased after declining for the previous three quarters. Exports also turned higher after the fourth quarter's drop despite Japan's aggressive monetary easing programs that drove down the value of yen, which gave a boost to Japanese firms that compete with South Korean exporters.
Growth in capital expenditure and exports helped mask a decline in private consumption, which turned lower for the first time in five quarters.
The better-than-expected reading comes after the central bank slightly revised down its forecast for South Korea's economy to 2.6 percent growth this year, from 2.8 percent three months earlier, citing a downgrade in the global economic outlook. But Bank of Korea held its key interest rate steady for a sixth month in April after two rate cuts last year, saying that South Korea's economy is on track to slow recovery and is not weak enough to justify an additional monetary easing.
South Korea's government takes a more grim view on the economy. Last month, it said South Korea's economy will expand 2.3 percent this year, instead of 3 percent it had predicted three months earlier, blaming the yen's slide that dents exports and weak consumer sentiment.
The government proposed $15 billion extra budget to boost the economy and to create jobs, which is under the parliament's review.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)