Menu Content

Economy

S. Korea's Q1 Growth Revised Up, but Deeper Contraction Lies Ahead

Write: 2020-06-02 09:31:38Update: 2020-06-02 13:24:03

S. Korea's Q1 Growth Revised Up, but Deeper Contraction Lies Ahead

Photo : KBS News

South Korea's economy shrank one-point-three percent in the first quarter amid the COVID-19 pandemic, marking the slowest growth in about eleven years. 

According to tentative data by the Bank of Korea on Tuesday, the country's real gross domestic product(GDP) contracted one-point-three percent in the January-March period from three months earlier.  

The figure is point-one percentage point lower than the one-point-four percent contraction in advance data. 

From the same period last year, the country's real GDP expanded one-point-four percent in the first quarter, also point-one percentage point higher than the preliminary estimate. 

Additionally, the country's gross national income decreased point-eight percent on-quarter in the cited period.

The central bank predicted the second quarter figure would be even gloomier, estimating a contraction in the low- or mid-two percent range for the April-June period.

Related News

Editor's Pick

Close

This website uses cookies and other technology to enhance quality of service. Continuous usage of the website will be considered as giving consent to the application of such technology and the policy of KBS. For further details >