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Economy

South Korean GDP growth hits one-year low on weak net exports

Quarterly 0.3% increase comes amid high imports, cooling global demand

Net exports dragged South Korea's economy down by 1.8% as imports grew much faster than exports.   © Reuters

SEOUL (Reuters) -- South Korea's economic growth fell to its slowest in a year in the third quarter despite slightly beating expectations, as poor net exports offset pent-up spending, and analysts warned of further headwinds for the trade-reliant economy.

The country's gross domestic product (GDP) grew by a seasonally-adjusted 0.3% in real terms from the previous quarter, the Bank of Korea estimated on Thursday, marking the slowest growth since the third quarter of 2021.

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