Shoppers astatine the buying thoroughfare successful Hongdae territory successful Seoul, South Korea, connected Saturday, July 2, 2022.
Woohae Cho | Bloomberg | Getty Images
South Korea's economy barely grew successful the 3rd quarter, missing marketplace expectations, arsenic user spending rebounded but exports fell.
In the July-September quarter, gross home merchandise expanded 0.1% from a 4th earlier connected a seasonally adjusted basis, according to the Bank of Korea's beforehand estimates released connected Thursday.
That was conscionable capable for Asia's fourth-largest economy to debar a recession, commonly defined arsenic 2 consecutive quarters of contraction, aft the economy contracted 0.2% successful the 2nd quarter.
The maturation complaint was acold weaker than an summation of 0.5% tipped successful a Reuters poll of economists and expected by the cardinal slope successful its quarterly forecasts provided successful August.
Private depletion roseate 0.5%, aft falling 0.2% a 4th earlier. Construction concern dropped 2.8%, portion firm concern jumped 6.9%.
Exports, down 0.4%, fell for the archetypal clip since the last 4th of 2022, portion imports roseate 1.5%, bringing a nett antagonistic contribution.
South Korea's cardinal slope this period lowered interest rates for the archetypal clip since mid-2020 and flagged determination was country for much reductions though it said the timing of immoderate further easing would beryllium cautiously examined.
On an yearly basis, the economy grew 1.5%, weaker than the erstwhile quarter's 2.3% and economists' expectations of 2.0%. It was the slowest gait since the 3rd 4th of 2023.
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