economy-2023 growth estimate

S. Korean economy grows 1.4 pct in 2023: BOK

SEOUL, Jan. 25 (Yonhap) -- South Korea's economy logged a relatively decent growth last year despite sluggish exports and lukewarm domestic demand amid tightening monetary policies around the globe, central bank data showed Thursday.

The country's real gross domestic product -- a key measure of economic growth -- increased 1.4 percent last year, in line with the central bank's earlier estimate, according to preliminary data from the Bank of Korea (BOK).

But last year's economic expansion marked a slowdown from a 2.6 percent advance in 2022 and 4.3 percent growth in 2021.

In the final quarter of last year, Asia's fourth-largest economy advanced 0.6 percent on-quarter.

Asia's fourth-largest economy has been on a recovery pace since it contracted 0.3 percent in the fourth quarter of 2022 in the face of aggressive monetary tightening in major countries, escalating geopolitical tensions, rising household debt and a slowdown in China's economy, the country's top trading partner.

Earlier this month, the central bank held its key interest rate steady at 3.5 percent for the eighth straight time as it weighs a slowdown in growth amid moderating inflation.

The rate freezes came after the BOK delivered seven consecutive rate hikes from April 2022 to January 2023.



sam@yna.co.kr

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