South Korea’s 1Q growth hits 3-year high
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South Korea’s 1Q growth hits 3-year high

SEOUL, South Korea (AP) — South Korea’s economic growth hit its highest level in three years in the first quarter, boosted by new home construction and exports of electronics.

The Bank of Korea said Thursday that Asia’s fourth largest economy expanded 3.9 percent over a year earlier, the fastest clip since the first quarter of 2011.

The central bank said tech devices and petroleum products lifted the manufacturing industry as well as exports. A jump in new housing also boosted the construction industry.

From the previous quarter, the economy expanded 0.9 percent.

South Korea’s economy has been posting about 1 percent growth each quarter since April 2013, a step up from growth rates below 1 percent in the previous two years.