South Korea's economy grew 4 percent in the first quarter of 2007 from the same period last year, the Bank of Korea announced Wednesday, bolstered by exports and capital spending.

For the three months ended on March 31, gross domestic product also expanded 0.9 percent from the previous quarter, the central bank said in a release. The figures are preliminary.

The results largely matched expectations. The average forecast of nine economists surveyed by Dow Jones Newswires predicted growth of 3.9 percent from the year before and 0.9 percent on quarter.

The central bank does not release an annualized figure for the quarter-on-quarter growth number.

Exports gained 11.2 percent from the year before, while capital spending by businesses rose 10.3 percent, the central bank said. Construction grew 4.3 percent.

Private consumption, which is mostly consumer spending and which accounts for more than half of the approximately 758 trillion won (818 billion U.S. dollars) economy, rose 4 percent.

Hong Sun-young, in charge of macroeconomic issues at the private Samsung Economic Research Institute, said exports, particularly in the information technology sector, were strong.

But the consumer spending figure was disappointing, he added, as South Koreans remain prone to saving as the society ages and as high levels of spending on education leave little left over for other things.