The South Korean economy decelerated expansion in 2022 as export volumes tumbled over global recession fears, according to the data published by the Bank of Korea on Thursday. The data brought the weakest results since the 2020 contraction prompted by the coronavirus pandemic.
The Korean central bank estimated the country's economic growth at 2.6% in 2022, significantly lower compared to 2021's increase of 4.1% but still slightly above market estimates.
The economy slipped by 0.4% in the last trimester of 2022 versus the previous quarter to mark the first contraction in over two years. However, the bank's report also showed GDP rising by higher than estimated 1.4% year-on-year.
