South Korea’s economy is estimated to have grown 4 per cent in 2021, marking the highest growth rate in 11 years, central bank data showed on Tuesday.
The growth was higher than a 0.9 per cent contraction tallied a year earlier when the country suffered from slumping spending and exports amid the coronavirus pandemic, according to the data from the Bank of Korea (BOK).
The growth rate marked the highest tally since 2010, when the economy expanded 6.8 per cent. It also met the central bank’s annual growth outlook of 4 per cent, reports Yonhap News Agency.
For the fourth quarter of last year, the economy is estimated to have grown 1.1 per cent, accelerating from the previous quarter’s 0.3 per cent gain, the data showed.
Rebounded consumption and exports drove the annual growth rate higher.
Private consumption expanded 3.6 percent last year, turning around from the previous year’s 5 per cent contraction.
Facility investment gained 8.3 per cent, compared with a 7.1 per cent advance tallied a year earlier.
Investment in construction, however, shrank 1.5 per cent, worse than a 0.4 per cent decline a year earlier.
Exports jumped 9.7 per cent, bouncing back from a 1.8 per cent contraction in 2020.
Imports also rose 8.4 per cent, compared with a 3.3 per cent decline registered a year earlier.