SINGAPORE (ICIS)--South Korea's economy contracted by 1.0% year on year in 2020, its worst performance in 23 years, as exports and manufacturing faltered due to the coronavirus pandemic.
In the fourth quarter, its GDP shrank by a steeper annualized rate of 1.4% compared with a 1.1% decline in the third quarter, the Bank of Korea (BOK) said on Tuesday.
Full-year 2020 manufacturing output fell by 1.0%, while exports dropped by 2.5%. Exports account for about 50% of South Korea's economy.
Private consumption fell by 5.0% year on year in 2020.
In the fourth quarter, manufacturing inched up by 0.1%, with exports up by 1.0%.
For 2021, the South Korean economy is projected to rebound and post a 3.0% growth, based on the central bank’s forecast in November last year.
Visit the ICIS Coronavirus topic page for analysis of the impact on chemical markets and links to latest news.