south koreas economy grew at a fasterthanexpected pace in the final quarter of 2021 notching the strongest annual growth in 11 years and continuing its recovery from the pandemicinduced slump gross domestic product grew 11 during the octoberdecember period from the prior quarter following a 03 expansion during the third quarter showed preliminary bank of korea data on tuesday the latest readingbeating a market forecast of 09showed that exports remained strong on brisk demand for computer chips and petroleum products while private consumption and construction investment swung to expansion yearonyear the economy expanded 41 in the fourth quarter following the prior quarters a 40 growth the market forecast was for a 37 expansion in the final quarter for the full year of 2021 the economy grew 40the strongest annual performance since 2010as projected by the bank of korea it followed the 09 contraction in 2020the worst annual performance since the height of the asian financial crisis in 1998 the bank of korea expects the economy to continue to recover and expand 30 in 2022