Fri, 23 Apr 2021

S. Korea's Q4 GDP growth revised up to 1.2 pct

Xinhua
04 Mar 2021, 14:44 GMT+10

SEOUL, March 4 (Xinhua) -- South Korea's gross domestic product (GDP) growth for the fourth quarter of last year was revised up by 0.1 percentage point, central bank data showed Thursday.

Real GDP, adjusted for inflation, expanded 1.2 percent in the fourth quarter from the previous quarter, up from the preliminary figure of a 1.1 percent increase announced in late January, according to the Bank of Korea (BOK).

Export, which accounts for about half of the export-driven economy, advanced 5.4 percent in the fourth quarter, up 0.2 percentage points from the preliminary announcement.

The revised figure for private consumption was also upgraded to a 1.5 percent fall from the preliminary 1.7 percent reduction.

The real GDP contracted 1.0 percent for the whole year of 2020, unchanged from the preliminary reading.

Nominal GDP amounted to 1.63 trillion U.S. dollars in 2020, down 0.9 percent from the previous year.

GDP deflator, or the ratio of nominal GDP to real GDP to measure the price change for all of the goods and services produced in the country, gained 1.3 percent in 2020.

The per-capita gross national income (GNI), which gauges a total amount of income earned at home and abroad by the country's people and businesses, amounted to 31,755 U.S. dollars in 2020, down 1.1 percent from the prior year.

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