SEOUL, South Korea’s economic growth sharply slowed in 2022 as exports weakened amid growing recession woes stemming from aggressive monetary tightening at home and abroad, central bank data showed Tuesday.
South Korea’s gross domestic product — a major gauge of growth — expanded 2.6 percent in 2022, compared with a 4.1 percent advance tallied in the previous year, according to the preliminary data from the Bank of Korea (BOK).
The 2022 growth marked the slowest pace since 2020, when the economy contracted 0.7 percent amid the fallout from the coronavirus pandemic.
For the fourth quarter of last year, the economy shrank 0.4 percent from three months earlier, swinging from the previous quarter’s 0.3 percent growth.
Those figures were unchanged from the BOK’s growth estimates provided in January.
Source: Yonhap News Agency