SEOUL, Nov. 28 (Xinhua) -- South Korea's central bank on Thursday revised down its economic growth outlook for both 2024 and 2025 after delivering its back-to-back interest rate cuts.
The seasonally-adjusted real gross domestic product (GDP), modified for inflation, was expected to grow 2.2 percent in 2024, down from an increase of 2.4 percent estimated three months earlier, according to the Bank of Korea (BOK).
The central bank downgraded next year's growth forecast by 0.2 percentage points to 1.9 percent.
The BOK lowered its benchmark interest rate by a quarter percentage point to 3.00 percent earlier in the day after cutting the key rate by 25 basis points in October.
The consecutive rate reduction and the downward revision of growth forecast were attributed to rising uncertainties at home and abroad.
The seasonally-adjusted real GDP edged up 0.1 percent in the third quarter from three months earlier after declining 0.2 percent in the second quarter.
Export, which accounts for about half of the economy, grew 4.6 percent in October from a year earlier after picking up 13.5 percent in July, 11.0 percent in August and 7.5 percent in September.
This year's consumer price inflation outlook was slashed by 0.2 percentage points to 2.3 percent, while next year's inflation forecast was lowered by 0.2 percentage points to 1.9 percent. ■
