The economy reported its highest growth in a decade in 2021. After a 0.9% contraction in 2020, the economy grew by 4.0% in 2021 due to strong recovery in consumption from both private and public sectors. Success in COVID-19 containment, mass vaccinations, eased mobility restrictions, and labor market recovery bolstered private consumption. On the supply side, both services and manufacturing boosted the expansion. With the economy recovering in 2021 from a low base in 2020, growth is expected to ease to a more sustainable 3.0% in 2022 and 2.6% in 2023. It will likely be supported by higher domestic consumption, easing unemployment, and high vaccinations.
Source: Asian Development Outlook 2022.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Composite Stock Price Index 1 | 2.0 (Aug23) | 2.0 | 2.0 |
Broad Money Growth 2 | 2.8 (Jun23) | 2.8 | 2.0 |
Headline Inflation Rate 3 | 3.4 (Aug23) | 2.3 | 5.7 |
Industrial/ Manufacturing Production Growth Rate 3 | -0.8 (Dec22) | 1.2 | 6.7 |
Merchandise Export Growth 3 | -8.4 (Aug23) | -8.4 | -16.4 |
Exchange Rate Index 4 | 134.7 (Aug23) | 130.7 | 134.5 |
1 Monthly average, local index. 2 %. 3 y-o-y, %. 4 Monthly average, January 2006 = 100, $/local currency. | |||
Source: Bloomberg LP; CEIC database; National Statistical Office; Korea Customs Service. |
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