Seoul: The South Korean economy saw a marginal increase of 0.1 percent in the third quarter of 2024 due to weak domestic demand and a slowdown in export growth, as revealed by central bank data on Thursday. This modest growth aligns with earlier estimates, reflecting the country's real gross domestic product (GDP) movement during the July-September period, according to preliminary data from the Bank of Korea (BOK). According to Yonhap News Agency, the GDP figure fell short of market expectations, which anticipated a 0.5 percent increase. The economy experienced a 1.3 percent expansion in the first quarter but faced a contraction of 0.2 percent in the second quarter. On an annual basis, the economy expanded by 1.5 percent in the third quarter, a decrease from the 2.3 percent growth rate observed in the previous quarter. Last month, the central bank adjusted its growth forecast for the year, lowering it from 2.4 percent to 2.2 percent. The BOK also presented a less optimistic outlook for the upcoming year, un expectedly reducing its benchmark interest rate for the second consecutive session and indicating potential further cuts in the future. The disappointing quarterly growth figures were mainly attributed to a 0.2 percent contraction in exports, marking the first decline since the fourth quarter of 2022. Meanwhile, imports saw a 1.6 percent rise, consistent with the growth rate from the previous quarter. Private spending increased by 0.5 percent on a quarterly basis, recovering from a 0.2 percent drop in the preceding quarter, while government spending rose by 0.6 percent. Construction investment declined by 3.6 percent in the third quarter, exacerbating the 1.7 percent fall recorded in the previous quarter. In contrast, facility investment showed a significant increase of 6.5 percent, as detailed in the bank's data.