South Korea’s economy grew at a slower pace in the fourth quarter of last year compared to three months earlier.

According to preliminary data released on Wednesday by the Bank of Korea(BOK), the nation’s economy grew by zero-point-four percent in the October to December period from the previous quarter.

The growth is down by zero-point-two percentage points from the previous quarter’s on-quarter growth and the lowest since the second quarter of 2015.

It extends a zero-percent-range growth to five consecutive quarters since the economy grew zero-point-seven percent in the fourth quarter of 2015.

The economy grew less than one percent in ten out of the past eleven quarters, except for the third quarter of 2015 when it grew one-point-two percent.

The economy grew two-point-three percent from the fourth quarter of 2015, less than a two-point-six percent growth between the third quarter of 2015 and last year.

The fall in the growth rate in the fourth quarter was partially attributed to contracted consumption as a result of the implementation of an antigraft law as well as the slump in the construction industry.

Many economists remain pessimistic about this year’s economic growth, citing sluggish consumer sentiment and the uncertainties surrounding the global economy.

Meanwhile, the central bank estimated last year’s annual economic growth at two-point-seven percent.