SEOUL, Feb. 26 (Korea Bizwire) — South Korea posted the second lowest economic growth during the fourth quarter of last year among major advanced and emerging economies, data showed Sunday.
Asia’s fourth-largest economy shrank 0.2 percent on-quarter in the October-December period to mark the first negative growth in nine years.
It was the second-lowest quarter-to-quarter growth among 23 major economies whose growth figures were available, according to the Organization for Economic Cooperation and Development (OECD). Norway was at the bottom with minus 0.3 percent growth.
China recorded the highest expansion with 1.6 percent, followed by Lithuania with 1.5 percent and Indonesia with 1.3 percent. The average growth rate of the OECD economies was 0.6 percent.
Korea’s fourth-quarter decline was mainly due to a base effect, as the economy posted a strong 1.5 percent growth during the previous quarter.