Seoul: The South Korean economy expanded by a mere 0.1 percent in the third quarter of 2024 amid weak domestic demand and slower export growth, central bank data revealed on Thursday. The country's real gross domestic product (GDP), a crucial measure of economic growth, showed a 0.1 percent increase in the July-September period from the previous quarter, aligning with an earlier estimate, as per preliminary data from the Bank of Korea (BOK). According to Yonhap News Agency, the figure was significantly lower than the market expectation of a 0.5 percent gain. In the earlier quarters of the year, the economy expanded by 1.3 percent in the first quarter but showed a contraction of 0.2 percent in the second quarter. On a yearly basis, the economy grew 1.5 percent during the third quarter, marking a slowdown from the previous quarter's 2.3 percent expansion. Last month, the central bank adjusted its growth outlook for the year, lowering it to 2.2 percent from an earlier forecast of 2.4 percent. The Bank of Korea also presented a less optimistic growth outlook for the coming year, unexpectedly cutting its benchmark interest rate for the second consecutive session and hinting at the possibility of further cuts in the future.