[Graphic News] Ratio of oil consumption to GDP to hit 45-year low

The ratio of domestic oil consumption to gross domestic product is expected to fall to its lowest rate this year since 1970, data showed Tuesday.

Analysts said the expected drop in the ratio would boost corporate earnings and domestic consumption.

The report, compiled by Yonhap using data from the IMF, Korea Energy Economics Institute, and KB Investments and Securities, said that, excluding reexports, the ratio of oil consumption to the nation’s GDP was expected to be around 1.71 percent.

The ratio of domestic oil imports to GDP is also estimated to drop to 3.33 percent this year, down from 6.11 percent last year.