Korea's economy grows 0.1% in Q4, annual growth misses expectations

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Korea's economy grows 0.1% in Q4, annual growth misses expectations

Korea's national flag flutters in Songpa District in southern Seoul on March 1. [NEWS1]

Korea's national flag flutters in Songpa District in southern Seoul on March 1. [NEWS1]

 
Korea’s economy grew 2 percent in 2024, falling short of the Bank of Korea's (BOK) 2.2 percent projection, as fourth-quarter growth significantly underperformed due to political turmoil.
 
According to an advance estimate released by the central bank on Thursday, Korea’s real GDP grew 0.1 percent in the fourth quarter compared to the preceding three months. 
 

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This is well below the 0.5 percent projected by the BOK in November.  
 
The weaker-than-expected fourth-quarter growth brought the country’s annual GDP growth to 2 percent, missing both the government’s 2.1 percent estimate in its Economic Policy Direction on Jan. 2 and the BOK's November forecast of 2.2 percent.
 
The BOK recently issued a rare January report, revising its 2024 growth projection downward from 2.2 percent to a range of 2 to 2.1 percent ahead of its official outlook update next month. Fourth-quarter growth expectations were similarly lowered from 0.5 percent to between 0.1 and 0.2 percent.
 
The central bank cited political uncertainty surrounding President Yoon Suk Yeol’s martial law declaration on Dec. 3 and its impact on consumer confidence for its downward adjustment.

BY SHIN HA-NEE [[email protected]]
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