It was in line with the forecasts provided by the Organization for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF) and the state-run Korea Development Institute (KDI).
Bank of Korea (BOK) Governor Lee Ju-yeol told a press conference after the regular rate-setting meeting that export and investment were weaker than expected while private consumption slowed down.
Lee said next year's economic growth was expected to be slightly faster than this year on the eased slump in global trade and the recovery in global semiconductor industry.
The BOK set its 2020 growth forecast for the economy at 2.3 percent, down from 2.5 percent estimated four months earlier.
Governor Lee and six other monetary policy board members decided to keep the benchmark 7-day repurchase rate on hold at a record low of 1.25 percent.
It was not a unanimous decision as one member claimed a rate cut, raising the possibility for more accommodative monetary policy next year.
The BOK cut its target rate to the current record-low level in October, just three months after slashing it from 1.75 percent to 1.50 percent in July.
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