South Korea fourth-quarter GDP grows at its slowest pace in six quarters, missing expectations

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South Korea fourth-quarter GDP grows at its slowest pace in six quarters, missing expectations

The Seoul skyline.

Mongkol Chuewong | Moment | Getty Images

South Korea’s economy expanded 1.2% year on year in the fourth quarter, marking its slowest expansion since the second quarter of 2023.

Advance figures showed the figure missed the 1.4% expansion expected by economists polled by Reuters, and the growth was also softer compared with the 1.5% rise seen in the third quarter of 2024.

On a quarter-on-quarter basis, GDP growth also missed expectations, with the economy growing just 0.1% compared to the 0.2% forecast in the Reuters poll.

However, full-year GDP growth for 2024 came in at 2% compared with last year’s 1.4% gain.

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