On Tuesday, the Bank of Korea announced that South Korea's gross domestic product (GDP) saw a seasonally adjusted increase of 0.6 percent for the fourth quarter of 2023. This aligns with the projections and mirrors the growth from the previous quarter.
In the same quarter, the real gross national income saw a subtle increase of 0.1 percent, a decline from the 1.6 percent growth recorded in the third quarter.
When analyzed on an annualized basis, the GDP experienced a 2.2 percent increase. This figure matches the predicted values and shows an acceleration from the 1.4 percent growth seen in the preceding three months.
For the entire year of 2023, the GDP has increased by 1.4 percent. However, this represents a deceleration compared to the 2.6 percent growth seen in 2022.
