Economic Bulletin | KDI 경제교육·정보센터

KDI 경제교육·정보센터

Economic Information and Education Center

News Briefing

Korea grows 4.0% in 2021

Koreas real gross domestic product (GDP) expanded 4.0 percent last year, according to the advance data released by the Bank of Korea (BOK) on January 25. In the fourth quarter of 2021, the Korean economy grew 1.1 percent quarter-on-quarter and 4.1 percent year-on-year. On the production side, agriculture, forestry fisheries rose 1.3 percent quarter-on-quarter. Manufacturing went up 1.1 percent as computer, electronic optical products and electrical equipment rose. Electricity, gas water supply fell 0.8 percent. Construction grew 2.2 percent due to strong building construction and civil engineering works. Services rose 1.3 percent backed by strong wholesale retail, hotels restaurants and transportation storage, as well as entertainment leisure services and other services. On the expenditure side, private consumption went up 1.7 percent and government spending went up 1.1 percent. Construction investment rose 2.9 percent due to strong building construction and civil engineering works. Facility investment dropped 0.6 percent due to weak machinery. Exports grew 4.3 percent backed by strong semiconductors and coal petroleum products, and imports grew 4.3 percent as crude oil and chemical products rose.

Feb 2022