SEOUL, June 28 (Xinhua) -- South Korea's finance ministry on Monday raised the country's economic growth outlook for 2021 to 4.2 percent amid the expected rebound in both the export and domestic demand.
The real gross domestic product (GDP), adjusted for inflation, was expected to grow 4.2 percent this year in the Asian country, according to the Ministry of Economy and Finance. It was revised up from a growth estimate of 3.2 percent unveiled six months earlier.
Export, which takes up about half of South Korea's export-driven economy, was projected to rise 18.5 percent to 607.5 billion U.S. dollars in 2021 compared to the prior year. Import was forecast to jump 22.4 percent to 572.5 billion dollars.
Private consumption was projected to increase by 2.8 percent this year amid the ongoing vaccination campaign.
Growth outlooks for the facility and construction investment were set at 8.7 percent and 1.2 percent respectively.
The number of jobs was projected to increase by 250,000 in 2021, after declining by 220,000 in the previous year.
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