Bank of Korea Reports Q4 GDP Growth Rate at 1.2%, Revised Up by 0.1%p Compared to Preliminary Estimate (Update)

'Announcement of National Income (Provisional) for Q4 2021'

[Asia Economy Reporter Seo So-jeong] The preliminary real Gross Domestic Product (GDP) growth rate for the fourth quarter of last year was 1.2%, revised upward by 0.1 percentage points from the flash estimate announced in January. Goods exports were revised upward, while facility investment and others were revised downward.

On the 3rd, the Bank of Korea announced in the 'Preliminary National Income for the Fourth Quarter of 2021' that the real GDP for the fourth quarter grew by 1.2% compared to the previous quarter.

By expenditure item, private consumption increased by 1.6%, as durable goods (such as passenger cars) decreased, but services (accommodation and food, entertainment and culture, etc.) and semi-durable goods (medical services, etc.) increased.

Government consumption increased by 1.3%, mainly due to spending on goods and health insurance benefits.

Construction investment increased by 2.9%, with both building and civil engineering construction investments rising.

Facility investment decreased by 0.7% due to a decline in machinery. Exports increased by 5.0%, centered on semiconductors, coal, and petroleum products, while imports rose by 4.8%, driven by crude oil and chemical products.

The nominal GDP growth rate, reflecting price changes, recorded 1.6%, up from 1.4% in the third quarter. The nominal Gross National Income (GNI) for the fourth quarter was 1.8%, rising from 0.1% in the third quarter.

Meanwhile, the GDP deflator (nominal GDP/real GDP) rose by 2.8% year-on-year. The GDP deflator recorded 2.3% in the third quarter.

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