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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.

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