South Korea: Recovery dampened but not derailed – ANZ


Analysts at Australia and New Zealand Banking Group (ANZ) offer their quick reaction to the South Korean Q4 GDP release.

Key quotes

“South Korea’s preliminary Q4 GDP data signal that the economy losing momentum amid the third wave of infections and the associated tightening in restrictions.”

“The pullback was led by private consumption growth, though a continued export recovery helped offset some of the weakness.”

“Looking ahead, South Korea’s economy is in a good position to regain a firmer footing over the course of this year, helped by a favorable export structure and a vaccination campaign that is targeting herd immunity by November.”

South Korea Q4 GDP beat expectations, arriving at 1.1% QoQ vs. 0.7% expectations. Meanwhile, USD/KRW drops to test 1,100 on upbeat GDP figures, losing 0.09% on the day.

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