economy-growth estimate

S. Korean economy grows 1.4 pct in 2023, unchanged from earlier estimate: BOK

SEOUL, March 5 (Yonhap) -- South Korea's economy grew at a decent rate of 1.4 percent last year, matching an earlier estimate, despite sluggish exports and lukewarm domestic demand amid tightening monetary policies around the globe, central bank data showed Tuesday.

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 in January, 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, and the lowest since a 0.7 percent contraction in 2020 during the coronavirus pandemic.

In the final quarter of last year, Asia's fourth-largest economy advanced 0.6 percent on-quarter, also in line with an earlier estimate.

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.

Last month, the country's central bank froze its key rate for the ninth straight session at 3.5 percent amid woes over slower-than-expected inflation moderation and high household debts.

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



sam@yna.co.kr

(END)

주의사항

※본 리포트는 한국무역보험공사가 외부기관으로부터 획득한 자료를 인용한 것입니다.

※참고자료로만 활용하시기 바랍니다.