The South Korean economy grew 3 percent 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 percent on-year gain, according to the Bank of Korea (BOK). The economy grew a revised 2.3 percent in 2012.

   The 2013 data marked the fastest yearly growth since 2011 when the GDP grew 3.7 percent.

   The local economy grew a revised 0.6 percent on-quarter in the first quarter and its growth picked up to 1 percent and 1.1 percent in the second and third quarter, respectively. In the fourth quarter, the GDP gained 0.9 percent from three months earlier.

   The data came as the BOK maintained its 2014 projection for an economic growth of 3.8 percent while it lowered the inflation outlook to 2.3 percent from its earlier estimate of 2.5 percent.

   The central bank froze the key interest rate at 2.5 percent for the 10th straight month in March as the local economy is on the recovery track amid tame inflation.

   Exports, which account for around 50 percent of the GDP, gained

4.3 percent on-year last year, slowing from a 5.1 percent on-year expansion in the previous year.

   Private spending rose 2 percent in 2013, quickening from a 1.9 percent on-year gain in 2012.

   Facility investment contracted 1.5 percent last year after inching up 0.1 percent in the previous year. Construction investment jumped 6.7 percent last year, compared with a 3.9 percent on-year fall in 2012.

   The 2013 growth data was revised in accordance with the system of national accounts (SNA) 2008, the latest version of the international statistical standard for calculating national accounts. Under the new standard, the country's spending on R&D was classified as investment.

   Under the new rule, the average annual growth rate of the GDP reached 4.2 percent between 2001 and 2012, up 0.3 percentage point from when the growth was calculated under the old standard, according to the BOK.  (Yonhap)