News Briefing
Korea grows 4.0% in 2021
Apr 2022
Korea’s real gross domestic product (GDP) rose 4.0 percent last year, according to the Bank of Korea’s preliminary estimate released on March 3. In the fourth quarter of 2021, the Korean economy grew 1.2 percent quarter-on-quarter and 4.2 percent year-on-year.
On the production side, agriculture, forestry & fisheries grew 1.5 percent quarter-on-quarter. Manufacturing climbed 1.1 percent as computer, electronic & optical products and electrical equipment rose. Construction went up 2.4 percent backed by both building construction and civil engineering works. Services rose 1.4 percent as hotels & restaurants and transportation & storage increased, as well as entertainment & leisure services and other services.
On the expenditure side, private consumption went up 1.6 percent and government spending went up 1.3 percent. Construction investment rose 2.9 percent due to strong building construction and civil engineering works. Facility investment dropped 0.7 percent due to weak machinery. Exports grew 5.0 percent backed by strong semiconductors and coal & petroleum products, and imports grew 4.8 percent as crude oil and chemical products rose.
On the production side, agriculture, forestry & fisheries grew 1.5 percent quarter-on-quarter. Manufacturing climbed 1.1 percent as computer, electronic & optical products and electrical equipment rose. Construction went up 2.4 percent backed by both building construction and civil engineering works. Services rose 1.4 percent as hotels & restaurants and transportation & storage increased, as well as entertainment & leisure services and other services.
On the expenditure side, private consumption went up 1.6 percent and government spending went up 1.3 percent. Construction investment rose 2.9 percent due to strong building construction and civil engineering works. Facility investment dropped 0.7 percent due to weak machinery. Exports grew 5.0 percent backed by strong semiconductors and coal & petroleum products, and imports grew 4.8 percent as crude oil and chemical products rose.
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