South Korea’s economic growth fell to its slowest in a year in the third quarter. The Bank of Korea estimated today that the country’s gross domestic product (GDP) grew by a seasonally-adjusted 0.3 percent in real terms from the previous quarter. It is the slowest growth since the third quarter of 2021.

Despite managing positive growth, a breakdown of the figures showed Asia’s fourth-largest economy was losing momentum quickly in the face of cooling global demand.

However, on an annual basis, the economy expanded by 3.1 percent in the third quarter after a 2.9 percent gain in the second quarter. The outcome was ahead of expectations for 2.8 percent growth.