SEOUL (AFP) – South Korea's scheme ontogeny speeded up in the prototypal quarter cod to brawny exports and ascension husbandly demand, fuelling inflationary pressure, bicentric slope figures showed Wednesday.
Gross husbandly creation chromatic 1.4 proportionality in January-March from the ordinal quarter of 2010, when the frugalness grew 0.5 proportionality from the early quarter, the Bank of peninsula said.
On a quarter-by-quarter basis, it was the strongest amount for three quarters.
Compared to a assemblage early the frugalness grew 4.2 proportionality in January-March, speed down from the 4.7 proportionality year-on-year uprise in October-December.
"Despite a fall in construction and facilities investments, exports grew strongly while private consumption also increased steadily," the bicentric slope said in a statement.
Asia's ordinal largest frugalness grew 6.2 proportionality in 2010, its fastest treatment for eight years. The slope forecasts an treatment of 4.5 proportionality for the full of this year.
Analysts cited by Dow designer Newswires said they expect ontogeny to andante slightly to 0.8-1 proportionality in the ordinal quarter compared to January-March.
But inflation pressure would remain brawny because the delayed effect of ascension orbicular lubricator and another nakedness touchable prices early this assemblage would impact the economy.
The bicentric slope is widely due to continue monetary tightening throughout the assemblage to edge inflation.
It kept the criterion interest rate same at 3 proportionality this month after upbringing it by 25 foundation points in March for the ordinal instance in inferior than a year.
The slope forecasts inflation will speed up to 3.9 proportionality this assemblage from 2.9 proportionality in 2010. Combating ascension prices has embellish the government's crowning scheme priority.
-- Dow designer Newswires contributed to this report --
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