The Bank of Korea on May 12 reported GDP growth in the first quarter of 1.7%, the highest among leading global economies. Shown is Pier 7 at Busan New Port at night. (Dongwon Global Terminal Busan)

By Xu Aiying

The country in the first quarter led major global economies in growth rate.

The Bank of Korea on May 12 said gross domestic product in the quarter grew 1.694%, tops among 22 countries that released preliminary data the day before.

Korea considerably outperformed China (1.3%) and Indonesia (1.367%), both of which have maintained relatively high growth. Finland (0.861%) was fourth, followed in order by Hungary (0.805%), Spain (0.614%), Estonia (0.581%), the U.S. (0.494%), Canada (0.4%) and Germany (0.334%).

If it still leads the world after other countries release their tentative statistics, Korea will be No. 1 in global quarterly growth for the first time since the first quarter of 2010, when growth hit 2.343%.

Brisk exports led by semiconductors were the primary drivers of the surprising growth in the first quarter.

Exports rose 5.1% mainly thanks to information and communications technology products led by record operating profits earned by the country's two major chip manufacturers, Samsung Electronics (KRW 57.2 trillion) and SK Hynix (KRW 37.6 trillion), in the first three months of the year.

xuaiy@korea.kr