ISTANBUL

South Korea’s economy grew 4% in 2021 on a yearly basis, which is the largest gross domestic product (GDP) growth rate since 2010.

According to the Bank of Korea’s figures, the country’s GDP grew 4.1% in the last quarter of 2021 on an annual basis.

During the year, the GDP grew 1.9% in the first quarter, 6% and 4% in second and third quarters, versus the same quarters in 2020.

The country’s economy contracted by 0.9% in 2020.

Citing 2021 figures, the bank said: “On the expenditure side, the growth of facilities investment and government consumption continued, while private consumption and exports turned positive.

“On the production side, while the decline in construction was sustained, manufacturing and services reversed to an increase.”

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