The economy grew one-point-four percent last year from a year earlier.

According to the preliminary data by the Bank of Korea on Thursday, the country’s on-year real gross domestic product growth for 2023 matched the forecasts by the central bank and the government, but is the lowest since 2020 when the economy contracted zero-point-seven percent.

For the fourth quarter of last year, the economy grew zero-point-six percent from the previous quarter and expanded two-point-two percent from a year earlier.

The economy contracted zero-point-three percent in the fourth quarter of 2022 before rebounding to growth of zero-point-three percent in the first quarter of last year followed by steady expansion of zero-point-six percent for three consecutive quarters.

Exports increased two-point-six percent on-year in 2023, while imports rose one percent last year.

The country’s real gross national income increased one-point-four percent last year.