South Korea’s Q4 GDP up by 4.2%, expands 4.0% in 2021

SINGAPORE (ICIS)–South Korea’s economy expanded by 4.2% year on year in the fourth quarter of 2021 on stronger exports and manufacturing, the Bank of Korea (BOK) said on Thursday.

The central bank’s latest Q4 GDP figure was up slightly from the 4.1% it estimated earlier.

South Kora’s exports grew by 6.8% year on year in the fourth quarter while manufacturing expanded by 3.6%, the BOK said in a statement.

For the whole of 2021, the country’s GDP expanded by 4.0%, reversing the 0.9% contraction in 2020.

The yearly GDP growth figure marks the fastest annual expansion in 11 years and matches the BOK’s advance estimates.