October 23, 2024

South Korea's economy barely grew in the third quarter, missing market expectations, as consumer spending rebounded but exports fell.

In the July-September quarter, gross domestic product expanded 0.1% from a quarter earlier on a seasonally adjusted basis, according to the Bank of Korea's advance estimates released on Thursday.

That was just enough for Asia's fourth-largest economy to avoid a recession, commonly defined as two consecutive quarters of contraction, after the economy contracted 0.2% in the second quarter.

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