South Korea’s economy contracted in the fourth quarter of last year from the previous quarter to post the second lowest growth among 24 countries.

According to the Bank of Korea's Economic Statistics System on Tuesday, the nation's gross domestic product(GDP) shrank zero-point-276 percent  in the October–December period from the previous quarter.

As of Monday, South Korea ranked 22nd among 24 countries that have disclosed fourth quarter economic growth figures so far, topping only Norway and Ireland. 

The central bank found that only five countries had posted minus growth in the fourth quarter, including South Korea, Canada and Estonia. 

The central bank is set to release next Thursday an adjusted growth outlook based on the results of South Korea-U.S. tariff negotiations. 

The bank previously forecast that the nation's economy will post growth of one-point-eight percent this year.