South Korea's GDP growth at 11-year high in 2021 as exports boom

Bank of Korea data on Tuesday showed GDP expanded 4.0% in 2021, as demand for exports soared

South Korea's economy expanded at the fastest pace in 11 years in 2021 thanks to a jump in exports and construction activity, tempering declines in capital investment and a slow recovery in the coronavirus-hit service sectors.
 

Bank of Korea data on Tuesday showed gross domestic product (GDP) expanded 4.0% in 2021, as demand for exports soared.

The BOK expects GDP to grow 3.0% this year as Asia's fourth-largest economy benefits from strength in chips exports and increased public spending, though record local COVID-19 cases this week are a threat to consumption.
 

"Global demand for our chips is resilient and strong exports