Economic news

South Korea Q4 GDP grows 1.1%, beats expectations

SEOUL, Jan 26 (Reuters) - South Korea’s economy grew 1.1% in the fourth quarter from three months earlier, Bank of Korea data showed on Tuesday, recovering for a second quarter as surging exports helped offset sagging domestic demand.

The growth was faster than the median estimate of 0.7% in a Reuters survey and followed 2.1% expansion in the third quarter when the economy was exiting a recession at the fastest quarterly pace since 2009.

From a year earlier, the economy contracted 1.4% in the fourth quarter, also beating the 1.7% shrinkage seen in the poll.

For the whole of 2020, the economy shrunk 1.0%, the worst since 1998 but beating the 1.1% contraction projected by the central bank.

Reporting by Cynthia Kim; Editing by Leslie Adler

Source: Reuters

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