Last Year's Economic Growth Rate 4.0%... Highest Since 2010 (Update)

Last Year's Exports Up 9.7%... Highest Since 2011
Real Gross Domestic Income Increased by 3.0%

[Asia Economy Reporter Jang Sehee] South Korea's economic growth rate last year recorded 4.0%. This was the result of exports increasing more than expected and private consumption rising due to the effect of the government's supplementary budget (추경).

According to the '2021 Q4 and Annual National Income (Preliminary)' announced by the Bank of Korea on the 25th, last year's real Gross Domestic Product (GDP) recorded 4.0%. On an annual basis, this is the highest since 2010 (6.8%).

By expenditure item, private consumption and exports turned to an increase, while facility investment and government consumption continued their upward trend.

Last year, private consumption recorded a 3.6% increase, turning positive, and government consumption increased by 5.5%.

Facility investment increased by 8.3%, whereas construction investment decreased by -1.5%. Exports increased by 9.7%, marking the highest since 2011 (17.2%). Imports rose by 8.4%.

Real Gross Domestic Income (GDI) increased by 3.0% year-on-year. However, due to the deterioration of terms of trade caused by rising oil prices, the real GDP growth rate was outpaced.

Meanwhile, in the fourth quarter of last year, growth was 1.1%. Quarterly, after growing 1.7% in Q1, it declined to 0.8% and 0.3% in Q2 and Q3 respectively, before rebounding again in Q4.

This content was produced with the assistance of AI translation services.