GDP growth rate of last year -1%… Reverse growth in 22 years

<Anchor>

Last year, it was found that Korea's GDP grew negatively by -1% for the first time since the 1997 financial crisis.

It reached 1.1% in the fourth quarter following 2.1% in the third quarter, but did not overcome the significant negative growth in the first and second quarters.

Reporter Jo Sung-hyun.

<Reporter> The

2020 Korean economy, swept by Corona 19, recorded negative growth for the first time in 22 years after the 1998 foreign exchange crisis.

The Bank of Korea said that the growth rate of Korea's gross domestic product last year was -1% compared to 2019.

This is the lowest growth rate since the -5.1% negative growth in 1998 when the financial crisis hit.

Compared to 2019, government consumption increased by 5% and facility investment by 6.8%, but private consumption decreased by -5% and exports by -2.5%, showing an overall growth rate of -1%.

However, unlike the first and second quarters, which had grown significantly negative, positive growth was recorded in the fourth quarter following the third quarter.

Construction investment and exports increased 6.5% and 5.2% QoQ, respectively, driving positive growth in the fourth quarter, while private consumption continued to slump at -1.7%.

Deputy Prime Minister Hong Nam-ki said through social media, "It is expected that the developed countries in the top 10 in the annual economy are expected to grow negatively by more than -3% to -10% last year." Proved it."

However, unlike exports, sluggish domestic demand and the resulting difficulties in public welfare were evaluated as the most painful part.