Korea’s real gross domestic product (GDP) rose 2.6 percent last year, according to the preliminary estimate released by the Bank of Korea (BOK) on March 7. In the fourth quarter of 2022, the Korean economy fell 0.4 percent quarter-on-quarter and rose 1.3 percent year-on-year.
On the production side, agriculture, forestry & fisheries rose 1.2 percent quarter-on-quarter. Manufacturing fell 4.4 percent as chemical products, primary metals and computer, electronic & optical products decreased. Construction rose 2.1 percent backed by civil engineering works. Services rose 0.9 percent as transportation & storage and finance & insurance services increased as well as healthcare & welfare services.
On the expenditure side, private consumption fell 0.6 percent and government spending rose 2.9 percent. Construction investment rose 0.8 percent backed by civil engineering works. Facility investment increased 2.7 percent as machinery rose. Exports fell 4.6 percent as chemical products and computer, electronic & optical products decreased. Imports fell 3.7 percent as crude oil and primary metals declined.