ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Economy

South Korea limits COVID damage to 1% GDP contraction in 2020

Led by chip demand, exports are set to contribute to strong recovery this year

SEOUL -- South Korea's economy shrank just 1% last year as strong exports helped limit the damage of the coronavirus pandemic that wreaked havoc on private consumption.

Bank of Korea data published Tuesday showed the economy contracted for the first time since the Asian financial crisis two decades ago as private consumption dropped 5% from the previous year. But the slide was cushioned by a 0.4% increase in net exports.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more