(MENAFN- Qatar News Agency) oul April 24 - The South Korean economy grew 0.9% in the first quarter from three months earlier as exports and construction investment gained ground the central bank said Thursday. The first-quarter growth of Korea's gross domestic product (GDP) the broadest measure of economic performance matched the 0.9% on-quarter gain in the fourth quarter according to the Bank of Korea (BOK). From a year earlier Asia's fourth-largest economy grew 3.9% in the first quarter after advancing 3.7% on-year in the fourth quarter. The first-quarter growth marked the fastest on-year gain since the first quarter of 2011. "The pace of quarterly growth is seen as being on track for the yearly growth forecast (of 4%)" Jung Young-taek director general of the BOK's economic statistics division told reporters. Jung said that the growth in consumer spending slowed last quarter from three months earlier due to one-off factors citing unusually high temperatures that reduced demand for clothing and heating products South Korea's News (Yonhap) reported. The Korean economy is widely seen as on a recovery track spurred by robust exports and improving domestic demand. The BOK's 2014 growth forecast was recently revised up to 4% from 3.8% following the 3% expansion in 2013. The central bank froze the key interest rate at 2.5% for the 11th straight month in April when its new governor presided over his first policy meeting. Exports which account for around 50 percent of the GDP climbed 1.7% on-quarter in the first quarter after rising 1.4% on-quarter in the previous quarter. Private spending rose 0.3% on-quarter last quarter after advancing 0.6% in the fourth quarter. Facility investment fell 1.3% last quarter from three months earlier compared with a 5.6% on-quarter gain in the previous quarter. Construction investment increased 4.8% compared with a 5.2% on-quarter contraction three months earlier the BOK said. Investment in intellectual property products which includes research and development jumped 7.5% on-quarter last quarter up from a 1.8% gain in the fourth quarter.
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