It marked the fourth straight year that the country saw its GDP growth fall short of the G20 average. Its economy grew by 3 percent in 2013 (3.2 percent for G20), 2.3 percent in 2012 (3.0 percent for G20) and 3.7 percent in 2011 (4.1 percent for G20).
GDP for the G20 area expanded by 3.4 percent on-year in the fourth quarter, with India recording the highest growth rate of 7.5 percent among G20 economies, followed by China (7.3 percent) and Japan recording the largest contraction of minus 0.7 percent, the OECD said in a press release.
In the fourth quarter of last year, South Korea's GDP grew by 0.4 percent, compared with 0.9 percent in the previous quarter, according to the OECD's preliminary estimates.
GDP growth also eased significantly in the United States to 0.5 percent, compared with 1.2 percent in the July-September period.
However, Japan's GDP grew by 0.4 percent in the fourth quarter, compared with minus 0.7 percent in the third quarter.
GDP in the G20 area grew by 0.9 percent, the same rate as in the previous quarter.
India posted the highest growth of 1.6 percent in the fourth quarter, followed by China (1.5 percent), although growth eased in both countries compared with the previous quarter from 2.2 percent and 1.9 percent, respectively, the OECD said.
reporter
Park Sae-jin
swatchsjp@ajunews.com
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