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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