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Bank of Korea data shows that Asia’s fourth-largest economy grew by 4 percent in 2021.
South Korea’s economy grew rapidly in 11 years in 2021 due to increased exports and construction activity, economic stagnation and slow recovery in the coronavirus-affected areas.
A report by the Bank of Korea (BOK) on Tuesday showed that GDP (GDP) grew by 4 percent in 2021, while demand for exports rose.
BOK expects GDP growth by 3 percent this year as Asia’s fourth-largest economy grows in terms of computing power and exports, although COVID-19 cases this week are alarming.
“The global demand for our chips is steady and strong export exports continue [South Korea’s] strong growth, ”says Hwang Sang-pil, head of BOK’s Economics Statistics department.
“People are getting used to the way we visit. Activity was less in December but the impact is less than before.”
Since the third quarter, the economy has grown by 1.1 percent in the October-December period, surpassing the 0.9% growth rate in the Reuters election and rising from 0.3 percent in the third quarter.
Annual growth in the fourth quarter was 4.1 percent, surpassing the average 3.3 percent in voting.
BOK on January 14 raised its interest rate until the epidemic hit and showed that it could grow further due to growth and inflation remain strong.
Incompatible jumping
South Korea’s economy has risen sharply despite the 2020 recession and exports have grown at an alarming rate over the past 11 years last year while repayment has been hampered by the social media system.
A recent Reuters poll of 20 economists predicts that the economy will grow 2.9 percent this year, down from the 3.0 percent expected by BOK.
Tuesday’s forecast showed that exports were the main reason for growth in the fourth quarter, jumping 4.3 percent over the quarter.
Growth was also boosted by private spending and construction spending, which increased 1.7 percent and 2.9 percent, respectively.
The service sector grew 1.3 percent in the fourth quarter, stronger than the third phase but slower than the second phase.
Investment rates have dropped by 0.6 percent per quarter, following a 2.4 percent decline over the past three months.
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