SEOUL, March 5 (Xinhua) -- South Korea's revised real gross domestic product (GDP), adjusted for inflation, was up 1.4 percent in 2023 compared to the previous year, central bank data showed Tuesday.
It was unchanged from the preliminary figure unveiled in January, according to the Bank of Korea.
The real GDP kept an upward trend for the third consecutive year after sliding 0.7 percent in 2020 amid the COVID-19 pandemic.
Both export and import increased 3.1 percent last year.
Private consumption added 1.8 percent in 2023 after climbing 4.1 percent in the previous year, while fiscal spending gained 1.3 percent.
Facility investment grew 0.5 percent, and construction investment advanced 1.3 percent last year after declining 1.6 percent in 2021 and 2.8 percent in 2022.
The real gross national income, which measures the combined amount of income earned at home and abroad by people and businesses, went up 1.8 percent in 2023 after falling 0.7 percent in the prior year.
The GDP deflator, or the ratio of nominal GDP to real GDP to gauge the change of prices for all goods and services produced in the country, picked up 2.1 percent last year. ■
