South Korea’s real GDP grows 2.0 per cent in 2019

SEOUL (Xinhua) – South Korea’s real gross domestic product (GDP), adjusted for inflation, grew 2.0 per cent in 2019 from the previous year, central bank data showed yesterday.

It was the lowest growth since 2009 when the real GDP edged up 0.8 per cent on the negative effect from the global financial crisis, according to the Bank of Korea (BOK). The GDP gained 3.2 per cent in 2017 and 2.7 per cent in 2018 respectively.

The 2019 GDP expansion was below the estimated growth potential of 2.5-2.6 per cent for the South Korean economy. The real GDP contracted 0.4 per cent in the January-March quarter from three months earlier, marking the lowest in 41 quarters since the fourth quarter of 2008.

The GDP growth rebounded to 1.0 per cent in the second quarter, but it slowed to 0.4 per cent in the third quarter.