S. Korea's economic growth slows to 2.6 pct in 2022 on weak exports

economic growth-2022

S. Korea's economic growth slows to 2.6 pct in 2022 on weak exports

SEOUL, Jan. 26 (Yonhap) -- South Korea's economy grew at a slower pace in 2022 as export growth slumped amid economic recession woes, central bank data showed Thursday.

South Korea's gross domestic product is estimated to have grown 2.6 percent in 2022, compared with a 4.1 percent increase tallied in the previous year, according to the data from the Bank of Korea (BOK).

For the fourth quarter of last year, the economy shrank 0.4 percent from three months earlier, compared with the previous quarter's 0.3 percent growth.

The 2022 growth marked the slowest pace since 2020, when the economy contracted 0.7 percent amid the fallout from the coronavirus pandemic.

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