Investing.com– South Korea’s economic system grew lower than anticipated within the fourth quarter, central financial institution estimates confirmed on Thursday, because the nation grappled with elevated political upheaval.
Gross home product grew 0.1% quarter-on-quarter within the three months to Dec 31, lower than expectations of 0.2%, preliminary information from the central financial institution confirmed.
12 months-on-year GDP slowed to 1.2% from 1.5%, additionally lacking estimates of 1.4%.
The weak print got here as financial exercise within the nation was disrupted by heightened political turmoil via December, after impeached President Yun Suk Yeol tried to unsuccessfully declare martial regulation.
The turmoil added to stress on an already slowing economic system, because the nation confronted slower family spending, a brewing property market disaster and weakening export demand.
Thursday’s information additional reinforces expectations of extra rate of interest cuts from the Financial institution of Korea to assist the economic system.
The central financial institution had kicked off an easing cycle in 2024, however unexpectedly stored charges regular at a gathering final week.
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