South Korea Q4 GDP rises by 4.1%, expands by 4.0% in 2021

SINGAPORE (ICIS)–South Korea’s economy expanded by 4.1% year on year in the fourth quarter of last year, supported by strong exports as well as expansions in the manufacturing and services sector, official data showed on Tuesday.

Manufacturing expanded by 3.6% year on year in the fourth quarter, slowing down from the 5.7% growth  in the third quarter of 2021, the Bank of Korea said in a statement.

The services sector grew by 4.8% year on year in the fourth quarter of 2021, accelerating from the 3.9% expansion in the third quarter.

Exports rose by 6.1% year on year in the fourth quarter, slowing down from the 7.2% expansion in the third quarter of 2021. Imports were up by 9.7% year on year in the fourth quarter.

For the full year of 2021, South Korea’s GDP expanded by 4.0% year on year, reversing the 0.9% contraction in 2020.

Manufacturing expanded by 6.6% year on year in 2021 and services grew by 3.7%. Construction contracted by 2.2% year on year in 2021.

Exports expanded by 9.7% year on year in 2021 while imports were up by 8.4%.