Korea’s 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.