South Korea's Economic Growth Slows in Q4 2024

According to the Bank of Korea's advanced estimates released on Thursday, South Korea's gross domestic product (GDP) experienced a year-on-year growth of 1.2% in the fourth quarter of 2024. This growth rate not only fell short of expectations but also represented the slowest expansion since the second quarter of 2023.

When compared to the previous quarter, the country's GDP saw a minimal increase of just 0.1%, which also did not meet the anticipated figures. Despite these challenges, the overall GDP growth for the year 2024 stood at 2%, showing an improvement from the previous year's 1.4%.

This slowdown in economic growth raises questions about the underlying factors and potential impacts on South Korea's economy moving forward.