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| ▲ This photo, taken Jan. 25, 2022, shows stacks of containers at a port in South Korea's southeastern city of Busan. (Yonhap) |
industrial output-2021 tally
Industrial output grows by most in 11 years in 2021
By Kim Soo-yeon
SEOUL, Jan. 28 (Yonhap) -- South Korea's industrial output increased by the most in 11 years in 2021 due largely to the base effect and robust exports amid the global economic recovery, data showed Friday.
Industrial output increased 4.8 percent in 2021 from the previous year, a turnaround from a 1.2 percent on-year fall in 2020, according to the data compiled by Statistics Korea.
It marked the largest growth since 2010, when industrial output gained 6.5 percent.
Asia's fourth-largest economy grew 4 percent last year, the fastest growth in 11 years, on the back of robust exports of chips and autos. The South Korean economy contracted 0.9 percent in 2020.
Retail sales, a gauge of private spending, increased 5.5 percent last year, a turnaround from a 0.2 percent on-year fall in 2020, as economic activity increased amid the vaccine rollout.
Facility investment expanded 9 percent in 2021 from the previous year, compared with a 6 percent on-year gain the previous year.
In December last year, industrial output rose 1.8 percent from the previous month, accelerating from a 3.3 percent on-month gain in November.
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