Last year's economic growth rate -1%… Reverse growth in 22 years

In the fourth quarter of last year, the real gross domestic product and GDP growth rate was 1.1%.

As a result, the annual GDP growth rate of last year was -1%, which was a negative growth in 22 years after 1998, which was at the time of the financial crisis.

Exports increased by 5.2%, mainly for semiconductors and chemicals, but private consumption decreased by 1.7% overall as consumption of services and food and beverages contracted. 

Due to worsening terms of trade, real gross domestic income, GDI, was only 0.7% lower than the GDP growth rate.