South Korea GDP misses estimates as weak consumption, construction sector drive growth to 6-quarter low

South Korea’s fourth-quarter GDP fell short of estimates, growing at a six-quarter low of 1.2% year on year due to weakness in consumption and the construction sector. The economy also missed expectations on a quarter-on-quarter basis, expanding by just 0.1%. The Bank of Korea warned of downside risks to economic growth, with a subdued outlook for 2025 amidst ongoing political uncertainties and a sluggish construction sector.

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