South Korea’s GDP grew at the slowest pace in six quarters in the fourth quarter, falling short of expectations

South Korea’s economy grew 1.2% year-on-year in the fourth quarter, the slowest growth since the second quarter of 2023.

Earlier figures showed the figure fell short of the 1.4% growth expected by economists polled by Reuters, and growth was also softer compared to the 1.5% growth seen in the third quarter of 2024.

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

However, full-year GDP growth for 2024 was 2% compared to last year’s increase of 1.4%.

— This is breaking news, check back for more updates.