South Korea’s GDP expands more than expected in Q4
by ChemOrbis Editorial Team - content@chemorbis.com
According to data from the country’s central bank, the Bank of Korea (BOK), South Korea’s economy expanded by 0.6% in the fourth quarter of 2023 from the previous quarter, exceeding the expectations of a 0.5% increase, largely as a result of rising exports in the country despite slowing demand.
On a yearly basis, the country’s GDP expanded by 2.2%. This was also above economists’ expectations of a 2.1% increase.
The country’s fourth-quarter exports expanded by 2.6% on a quarterly basis, while imports rose by 1.0%.
In 2023, South Korea’s economy showed a modest increase of 1.4%. This marked a three-year low, following more robust gains of 2.6% in 2022 and 4.3% in 2021. The Bank of Korea (BOK) anticipates a growth rate of 2.1% for 2024.
On a yearly basis, the country’s GDP expanded by 2.2%. This was also above economists’ expectations of a 2.1% increase.
The country’s fourth-quarter exports expanded by 2.6% on a quarterly basis, while imports rose by 1.0%.
In 2023, South Korea’s economy showed a modest increase of 1.4%. This marked a three-year low, following more robust gains of 2.6% in 2022 and 4.3% in 2021. The Bank of Korea (BOK) anticipates a growth rate of 2.1% for 2024.
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