The economy South Korea's economy grows by 0.1 percent in the third quarter

SDA

24.10.2024 - 04:06

South Korea narrowly escapes a recession. (archive image)
South Korea narrowly escapes a recession. (archive image)
Keystone

South Korea's economic output grew more slowly than expected in the third quarter of the year. One reason for this was weak exports.

Keystone-SDA

According to preliminary data from the Korean central bank in Seoul, gross domestic product for the period from July to September rose by 0.1 percent compared to the previous quarter. This means that the economic figures are well below the forecasts of most economists.

Compared to the same period last year, the South Korean economy grew by 1.5 percent in the third quarter. In the second quarter, annual growth still amounted to 2.3 percent.

Imports increased

Economists explain the sluggish economic recovery in part by the weak development of exports, which fell by 0.4 percent in the period from July to September. Imports, on the other hand, rose by 1.5% in the same period.

The South Korean central bank is forecasting economic growth of 2.4 percent for 2024 as a whole.