Economic Buzz: South Korea GDP Grows 4.1% On Year In Q4

25 Jan 2022 , 08:44 AM

South Koreas gross domestic product grew an annualized 4.1 percent on year in the fourth quarter of 2021, the Bank of Korea said on Tuesday, up from 4.0 percent in the previous three months. On the expenditure side, the growth of facilities investment and government consumption continued while private consumption and exports turned positive. On the production side, while the decline in construction was sustained, manufacturing and services reversed to an increase. Real GDI grew by 3.0 percent. As the terms of trade worsened due to factors such as a rise in the price of crude oil, real GDI fell short of real GDP. For all of 2021, gross domestic product expanded 4.0 percent. On a seasonally adjusted quarterly basis, GDP rose 1.1 percent, accelerating from 0.3 percent in the third quarter.

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