S Korea Q1 GDP up 0.9%

South Korea's economy grew at the fastest pace for a year in January-March on a quarterly basis, remaining resilient despite Europe's debt crisis, final data confirmed Thursday. Gross domestic product rose a seasonally adjusted 0.9 per cent in the first quarter compared to October-December 2011, the central bank said. It was the highest figure since the first quarter of 2011, when the economy grew 1.3 per cent quarter-on-quarter. Year-on-year the economy expanded 2.8 per cent in the first quarter, the weakest growth in two and a half years. Both figures were the same as the central bank's preliminary estimates in April. Many analysts expect growth in the export-dominated economy to slow again in the second quarter, although a contraction is seen as unlikely. The Bank of Korea is expected to keep its key rate steady at 3.25 per cent for an extended period to support growth as inflation moderates. The next rate review is on Friday. The finance ministry has said it will heavily front-load this year's budget in the first half to support growth.