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South Korea’s economy grew at a quicker rate than initially thought in the fourth quarter, despite corporate woes and political turmoil lashing the export-dependent country in the final three months of 2016.

Gross domestic product expanded 0.5 per cent quarter-on-quarter in the October-December period, up from an initial reading of 0.4 per cent, according to the Bank of Korea. It had grown 0.6 per cent in the third quarter.

The year-on-year growth rate was 2.4 per cent, revised from 2.3 per cent and representing a smaller slowdown from the previous quarter’s reading of 2.6 per cent.

Few economists had expected any revision to either metric. But in terms of expectations, the final readings put the rate of South Korea’s economic expansion further above previous median forecasts of on-quarter growth of 0.3 per cent and an annual pace of 2.2 per cent, made ahead of the original figures’ release in January.

Copyright The Financial Times Limited 2017. All rights reserved.

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