South Korea Q4 GDP growth slows to 1.4% on year, contracts 0.4% on quarter
SINGAPORE (ICIS)–South Korea’s economy posted a slower annualized fourth-quarter 2022 growth of 1.4%, bringing its full-year pace of expansion to 2.6%, based on the government’s advance estimates released on Thursday.
Year-on-year growth for the quarter was less than half the 3.1% pace set in the third quarter, data from the Bank of Korea (BoK) showed.
On a quarter-on-quarter basis, the industrialised economy shrank 0.4% in October-December 2022, reversing the 0.3% increase in the third quarter, weighed down by declines in private consumption and overall trade.
Exports declined by 5.8% during the period, while imports fell 4.6%.
Manufacturing posted a 4.1% contraction during the period, mainly due to decreases in computer, electronic and optical, and chemical outputs. Construction grew 1.9% quarter on quarter.
South Korea’s economy is expected to post a weaker growth of below 1.7% in 2023, according to the Bank of Korea, in line with the global economic slowdown amid high inflation and interest rates.
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