Major global investment banks are raising their forecasts for South Korea’s economic growth this year, citing sustained strength in semiconductor exports.

The International Finance Center announced Thursday that the average growth projection among eight major banks stood at two-point-one percent at the end of January, up from two percent a month earlier.

The figure is higher than both the Bank of Korea’s one-point-eight percent forecast and the government’s two percent estimate.

Last month, Citibank and UBS significantly upgraded their outlooks to two-point-four percent and two-point-two percent, respectively, while Goldman Sachs slightly lowered its projection to one-point-eight percent.

Inflation expectations also ticked up, as the average forecast among the eight banks rose to two percent from one-point-nine percent.