[이코노믹리뷰=황대영 기자] In the aftermath of Corona 19, Korea’s economic growth rate recorded negative (-) after 22 years. Overall, it was evaluated as better than the global economic growth rate, but the decline in exports and private consumption was not prevented.
According to the Bank of Korea on the 26th, last year’s real gross domestic product (GDP) breaking news was down 1.0% from the previous year. This is a decline in 22 years since -5.1% at the time of the 1998 financial crisis. However, it was 0.1 percentage points higher than the -1.1% forecast by the Bank of Korea last November.
Last year, private consumption, exports, and imports recorded a decrease in all sectors. Private consumption was -5.0%, showing the largest decline since 1998 (-11.9%). Exports fell at -2.5%, the largest since 1989 (-3.7%), and imports also decreased at -3.88%, the largest since 2009 (-6.9%).
Last year, government fiscal spending and investment prevented the growth rate from plummeting. Private consumption in the economic growth rate recorded -5.0%, but government consumption increased by 5.0%, which had some offset effect. Construction investment recorded -0.1%, but facility investment and knowledge product investment increased by 6.8% and 3.7%, respectively.
By industry, all industries except for the electricity and gas and water industry (6.1%) showed a decrease. Last year, agriculture, forestry and fisheries fell -3.4%, service -1.2%, manufacturing -1.0%, and construction -0.8%.
However, it has passed the bottom of the second quarter in the aftermath of Corona 19 and is showing a certain recovery trend. Last year’s quarterly economic growth rate fell to -1.3% in the first quarter and -3.2% in the second quarter, but turned to a positive (+) to 2.1% in the third quarter and 1.1% in the fourth quarter.
The growth in the fourth quarter of last year was the electricity gas and water business (9.2%) led by the government. Although the manufacturing industry (0.1%) grew in the fourth quarter, the impact of the re-proliferation of Corona 19 was contained in agriculture, forestry and fisheries (-0.9%), construction (-2.8%), and service (-2.1%). Last year, gross domestic income (GDI) decreased by 0.3%.