SEOUL, 23rd January, 2025 (WAM) -- The economy of the Republic of Korea posted weaker-than-expected growth last year amid slowing export growth, the Bank of Korea (BOK) showed Thursday.
The country's real gross domestic product - a key measure of economic growth - increased 2 percent in 2024, according to preliminary data from the BOK.
According to Yonhap News Agency, the 2024 figure was lower than the central bank's forecast of a 2.2 percent expansion, though the growth accelerated from a 1.4 percent advance in 2023.
Last year's growth was led by exports, which surged 6.9 percent from a year earlier, compared with a 3.5 percent on-year increase in 2023.
Private spending rose 1.1 percent in 2024, slower than a 1.8 percent growth the previous year.