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South Korea Q4 GDP grows 1.1, beats expectations

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SEOUL, Jan 26 Reuters South Koreas 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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