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Financial News: South Korea GDP Contracts 0.4% In Q4

South Korea GDP Contracts 0.4% In Q4

01/25/2023 - 18:13:00 (RTTNews)

(RTTNews) - South Korea's gross domestic product shrank a seasonally adjusted 0.4 percent on quarter in the fourth quarter of 2022, the Bank of Korea said on Thursday.

That missed expectations for a decline of 0.3 percent following the 0.3 percent increase in the previous three months.

On an annualized basis, GDP expanded 1.4 percent - also shy of forecasts for a gain of 1.6 percent and slowing from 3.1 percent in the third quarter.

For all of 2022, South Korea's GDP expanded 2.6 percent.

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