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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