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South Korea posts fastest economic growth in nearly 3 years: central bank

SEOUL--South Korea recorded its fastest growth since the first quarter of 2011, its central bank said Thursday, showing a recovery in Asia's fourth-largest economy is on track.

The Bank of Korea said preliminary data showed that the economy expanded by 3.9 percent in the final quarter of 2013 over a year earlier, accelerating from the third quarter's 3.3 percent. The growth was thanks to an increase in capital expenditure and exports.

From the previous quarter, the country's gross domestic product increased 0.9 percent, slowing from the previous two quarters when it expanded 1.1 percent.

For all of 2013, the economy expanded 2.8 percent, matching the bank's forecast. Capital expenditure declined for a second straight year but investment in the construction industry turned sharply higher and private consumption showed a steady gain. Export growth slightly accelerated from the previous year.

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