The central bank says the nation's economic growth is expected to rise to the upper four-percent range in the fourth quarter as consumer spending quickens pace.

In a report presented to the National Assembly on Tuesday, the Bank of Korea projected that economic growth would accelerate to the mid four-percent range in the second half and approach five percent in the fourth quarter, up from three percent in the first half.

The central bank also expected the growth of core inflation, which excludes volatile food and energy costs, to reach 2.5 percent in the second half and maintain a stable level, meeting the bank's inflation target of 2.5 to 3.5 percent for this year.

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