South Korea's gross domestic product growth in 2022 slowed down to 2.6% year-on-year from 4.1% in 2021, the date of the Bank of Korea showed on Thursday
SEOUL (Pakistan Point News / Sputnik - 26th January, 2023) South Korea's gross domestic product growth in 2022 slowed down to 2.6% year-on-year from 4.1% in 2021, the date of the Bank of Korea showed on Thursday.
According to the bank, this is the slowest growth since 2020, when the economy shrank 0.7% against the background of the COVID-19 pandemic.
The growth in exports decreased from 10.8% to 2.9% year-on-year, while the growth in imports was down from 10.1% to 3.5%.
Negative growth in construction investment fell from -1.6% in 2021 to -3.5% in 2022.
The growth in the manufacturing industry was down by 4.1%, while construction and services experienced a 1.9% and 0.8% growth year-on-year.
At the same time, South Korea's gross national income rose 0.1% amid an improving trade environment.
