South Korea's economy expanded over one percent in the first quarter thanks to increased investment and exports.

According to preliminary data from the Bank of Korea(BOK) on Thursday, the country's gross domestic product(GDP) reached 395-point-nine trillion won in the January-March period, up one-point-one percent from the previous quarter.

The first quarter growth is a turnaround from a point-two percent drop in the previous quarter. From a year earlier, the economy expanded two-point-eight percent.

If the pace continues, the economy is likely to expand three percent this year as the central bank projected.