South Korea's economy grew three-point-one percent last year on the back of robust chip exports amid a global economic recovery.

According to advance data released by the Bank of Korea(BOK) on Thursday, the country's gross domestic product grew three-point-one percent last year from 2016, the biggest on-year rise since 2014 when it grew three-point-three percent.

The economy expanded two-point-eight percent in both 2015 and 2016.

In the fourth quarter of last year, however, the economy shrank point-two percent on-quarter due to the long Chuseok holidays early in October. It was the first time in nine years that the economy marked negative on-quarter growth since the fourth quarter of 2008.

The growth figure for last year matches the BOK's forecast, while it failed to reach the three-point-two percent growth projection by the International Monetary Fund.