The South Korean economy grew 3% in 2013, faster than an earlier estimate, as exports remained robust and consumer spending gained, the central bank said Wednesday.Korea’s gross domestic product (GDP), the broadest measure of economic performance, was compared with a previous estimate of a 2.8% on-year gain, according to the Bank of Korea (BOK). The economy grew a revised 2.3% in 2012, according to South Korea’s (Yonhap) News Agency.The 2013 data marked the fastest yearly growth since 2011 when the GDP grew 3.7%.
The upward revision mainly came as the base year for the GDP calculation was changed to 2010 from 2005. To ascertain the real economic growth based on price levels at a certain period of time, the base year is revised every five years.The local economy grew a revised 0.6% on-quarter in the first quarter and its growth picked up to 1% and 1.1% in the second and third quarter, respectively. In the fourth quarter, the GDP gained 0.9% from three months earlier.