UPDATE 1-S.Korea 2012 growth seen below BOK forecast; Q3 growth cut

* C.bank official says 2012 growth likely below 2.4 pct forecast

* Q3 GDP s/adj +0.1 pct vs Q2, down from +0.2 pct first estimated

* BOK may deliver another rate cut in Q1 2013-analyst

(Adds comments from c.bank official and analysts, details)

SEOUL, Dec 6 (Reuters) - South Korea's economic growth for the year will likely fall below the Bank of Korea's 2.4 percent target, the central bank said Thursday, underscoring weak momentum for the export-dependent country as the global economy continues to stumble.

The central bank earlier in the day revised down third-quarter sequential growth for Asia's fourth-largest economy to a seasonally adjusted 0.1 percent, the slowest in three-and-a-half years. Annual growth for the July-September period was also cut to 1.5 percent.

"Sequential growth in the fourth quarter would need to be at a seasonally adjusted 1.6 percent in order for the annual growth to meet our forecast, and this is unlikely given the current pace of economic growth," Jung Yung-taek, a director at the central bank's economic statistics department.

Jung said growth in the fourth quarter will remain at a modest rate, reinforcing market expectations that Asia's fourth-largest economy won't recover until the second half of next year. The South Korean won and local bonds showed little reaction to the result.

"This doesn't represent any major shift in the big picture for the economy or monetary policy," HI Investment & Securities economist Park Sang-hyun said, who said growth in the fourth quarter may pick up to a seasonally adjusted 0.3 percent from the July-September period.

Park added that the central bank likely has the capacity to cut the policy rate by another 25 basis points in the first quarter of 2013.

The central bank had previously estimated South Korea's third-quarter growth at 0.2 percent on a quarterly basis and 1.6 percent on an annual basis.

Based on the central bank's expectations, annual growth for 2012 could slip to its weakest level since the aftermath of the global financial crisis. The Korean economy grew by 2.3 percent in 2008 and by just 0.3 percent in 2009.

(Reporting by Se Young Lee; Editing by Choonsik Yoo and Richard Pullin)