Korea's central bank on Thursday raised its economic growth outlook for the domestic economy to 4 percent for this year.
That's up zero.2 percentage points from the Bank of Korea's earlier forecast in January.
The bank said the upward revision comes as it recently adopted new international standards on calculating gross domestic product which include contributions from new sectors like research and development.
For next year, the bank expects the Korean economy to grow 4.2 percent,.. also up zero.2 percentage points.
The central bank, however, lowered the nation's inflation outlook for this year to 2.1 percent, citing a drop in prices of agricultural products in the first quarter.
The Bank of Korea also left its key interest rate unchanged at two-and-a-half percent for the eleventh straight month in April.