Anchor: South Korea's economy saw its growth last year recover to the three-percent range for the first time in three years. However, growth figures in the fourth quarter dipped into the red as production slowed down. 
Our Oh Soo-young has this report.

Report: The Bank of Korea announced on Thursday that South Korea's gross domestic product (GDP) grew three-point-one percent last year. The figure marked the first time since 2014 for the nation's GDP growth to hit the three-percent threshold. 

Private consumption expanded two-point-six percent on-year, or the highest growth in six years, while facility investments surged 14-point-six percent, the highest in seven years.

However, government spending and construction investment slipped to the lowest figure in two years in 2017, standing at three-point-seven percent and seven-point-five percent, respectively.

Exports climbed two-percent due to strong demand for memory chips, while imports surged a little over seven percent.

The service sector, meanwhile, grew at a slower pace at two-point-one percent on-year, the lowest rate since 2009. 

While the first three quarters of the year recorded moderate growth, the country's economy contracted zero-point-two percent in the October-to-December period, marking the lowest quarterly growth since the fourth quarter of 2008.

The central bank blamed the negative growth on a base effect as the third quarter saw a better-than-expected growth of one-point-five percent. The bank also noted the country had observed an extended holiday period in October which caused a slowdown in production.

The growth figure for last year matches the central bank's forecast, while it failed to reach the three-point-two percent growth projection by the International Monetary Fund. 
Oh Soo-young, KBS World Radio News.