SEOUL, April 23 (UPI) -- South Korea's economy grew at its fastest pace in nearly six years in the first quarter, central bank data showed Thursday, beating expectations as surging semiconductor exports powered the expansion.
Gross domestic product rose 1.7% from the previous quarter in the January-March period, the Bank of Korea said in preliminary data, marking the strongest growth since a 2.2% expansion in the third quarter of 2020. The figure nearly doubled the bank's forecast of 0.9%.
On an annual basis, the economy expanded 3.6%, the fastest since the fourth quarter of 2021.
Exports climbed 5.1% on-quarter, driven by strong global demand for semiconductors and other IT products, while facility investment rose 4.8% and construction investment increased 2.8%.
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