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S. Korea's economy grows 4 pct in 2021, highest in 11 years

All News 08:03 January 25, 2022

SEOUL, Jan. 25 (Yonhap) -- South Korea's economy is estimated to have grown 4 percent in 2021, marking the highest growth rate in 11 years, central bank data showed Tuesday.

The growth was higher than a 0.9 percent contraction tallied a year earlier when the country suffered from slumping spending and exports amid the coronavirus pandemic, according to the data from the Bank of Korea (BOK).

The growth rate marked the highest tally since 2010, when the economy expanded 6.8 percent. It also met the central bank's annual growth outlook of 4 percent.

For the fourth quarter of last year, the economy is estimated to have grown 1.1 percent, accelerating from the previous quarter's 0.3 percent gain, the data showed.

Rebounded consumption and exports drove the annual growth rate higher.

Private consumption expanded 3.6 percent last year, turning around from the previous year's 5 percent contraction.

Facility investment gained 8.3 percent, compared with a 7.1 percent advance tallied a year earlier. Investment in construction, however, shrank 1.5 percent, worse than a 0.4 percent decline a year earlier.

Exports jumped 9.7 percent, bouncing back from a 1.8 percent contraction in 2020. Imports also rose 8.4 percent, compared with a 3.3 percent decline registered a year earlier.


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