Korea’s real gross domestic product (GDP) rose 2.6 percent last year, according to the advance data released by the Bank of Korea (BOK) on January 26. In the fourth quarter of 2022, the Korean economy fell 0.4 percent quarter-on-quarter and rose 1.4 percent year-on-year.
On the production side, agriculture, forestry & fisheries rose 1.5 percent quarter-on-quarter backed by rising crop yields. Manufacturing fell 4.1 percent as computer, electronic & optical products and chemical products declined. Electricity, gas & water supply rose 1.0 percent as gas supply increased. Construction rose 1.9 percent backed by building construction. Services rose 0.8 percent as transportation & storage and finance & insurance services increased.
On the expenditure side, private consumption declined 0.4 percent and government spending rose 3.2 percent. Construction investment rose 0.7 percent backed by nonresidential building construction. Facility investment rose 2.3 percent as machinery increased. Exports fell 5.8 percent as semiconductors and chemical products declined and imports fell 4.6 percent as crude oil and primary metals decreased.