South Korean growth hits 1-year low in Q3, more challenges ahead

Pedestrians cross a road in front of the Bank of Korea headquarters in Seoul on July 13, 2022, (Photo by Jung Yeon-je / AFP)

SEOUL: South Korea's economic growth fell to its slowest in a year in the third quarter despite slightly beating expectations, as poor net exports offset pent-up spending, and analysts warned of further headwinds for the trade-reliant economy.

The country's gross domestic product (GDP) grew by a seasonally-adjusted 0.3% in real terms from the previous quarter, the Bank of Korea estimated on Thursday, marking the slowest growth since the third quarter of 2021.